This publication the contains the text of the Economic Agreement Between the Gulf Cooperation Council States (the “Economic Agreement”) signed by their Majesties and Highnesses GCC leaders, on December 31, 2001 (Shawwal 16, 1422 AH) during the 22nd Session of the Supreme Council in Muscat, Sultanate of Oman.

The new Economic Agreement contains a comprehe-nsive revision of the original Economic Agreement that was signed in November 1981 (Muharram 1402 AH), which laid down the ground for the economic relationship among Member States and established the GCC Free Trade Area. The 1981 agreement emerged from the economic circumstances prevailing at the time it was drawn up, just a few months after the establishment of the GCC. Similarly, the new agreement is a reflection of the current circumstances of the GCC Member States. The new Economic Agreement furthers the objectives achieved by the 1981 agreement, enhancing and strengthening economic ties among Member Sates, and harmonizing their economic, financial and monetary policies, their commercial and industrial laws, as well as their customs regulations.