UPSC Essentials: One word a day- Gulf Cooperation Council

Take a look at the basic concepts, terminology, and phenomena from the current and established parts of UPSC-CSE.

Word: Gulf Cooperation Council

Subject: International Relations

Related to CSE: Factual for prelims, India’s perspective on GS II tubes. It does not enter into the structure and policy of the organization. Astonishing facts should be memorized to support the arguments in the answer.

What is the Gulf Cooperation Council?

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The Gulf Cooperation Council was established in 1981 by virtue of an agreement between the Kingdom of Saudi Arabia, Bahrain, Oman, Kuwait, Qatar and the United Arab Emirates, concluded in Riyadh, Kingdom of Saudi Arabia.

– An economic and political union that includes all the Arab countries in the Persian Gulf except for Iraq.

Although its current official name is the Cooperation Council for the Arab States of the Gulf, it is still popularly and informally known as the Gulf Cooperation Council, which is its previous official name.

The assembly was formed on the basis of similar political institutions in the countries on the basis of Islamic principles, geographical proximity, common destiny and common goals.

What are the member states of the Gulf Cooperation Council?

The six members of the Gulf Cooperation Council are Saudi Arabia (absolute monarchy), Qatar (constitutional monarchy), Oman (absolute monarchy), the United Arab Emirates (federal monarchy), Bahrain and Kuwait (constitutional monarchies).

Who are the potential future members of the Gulf Cooperation Council?

Possible future member states of the Gulf Cooperation Council may be Yemen, Jordan, and Morocco.

What is the group’s GDP?

The Gulf Cooperation Council (GCC) countries are among the fastest growing economies in the world. GDP (nominal) is $1.638 trillion.

What are the main objectives of the Gulf Cooperation Council countries?

The main objectives of the Gulf Cooperation Council are to achieve integration, coordination and interdependence among the member states in all fields. It consists in strengthening relations between people, formulating similar systems in finance, economics, customs, commerce, tourism, administration and legislation. Strengthening scientific and technical cooperation in the fields of agriculture, mining, industry, livestock and water. Having a unified army and so on.

What is one of the ambitious Gulf projects?

The Gulf Cooperation Council aims for a common market and economic citizenship. There are also plans for a single coin. This currency may be known as the Gulf.

Why are the Gulf countries important to India?

The two most important reasons for the importance of the relationship between India and the Gulf are oil, gas and trade. There are two more reasons, the huge number of Indians working in the Gulf countries, and the remittances they send back home. (important power lines)

The share of the Arab Gulf states in India’s imports of crude oil has remained at around 60 percent over the past fifteen years.

In 2021-2022, Iraq was the largest exporter of oil to India, with its share increasing from 9 percent in 2009-2010 to 22 percent. Saudi Arabia has accounted for 17-18 percent of India’s oil imports for more than a decade. Kuwait and the United Arab Emirates remain major oil exporters to India. Iran used to be India’s second largest oil exporter in 2009-2010, and its share fell to less than 1 percent in 2020-21, due to US sanctions.

In 2021-2022, Iraq was the largest exporter of oil to India, with its share increasing from 9 percent in 2009-2010 to 22 percent.

– With only 13.4 million NRIs, the Gulf region has the largest number of overseas Indians. The United Arab Emirates (3.42 million), Saudi Arabia (2.6 million), and Kuwait (1.03 million) together account for more than half of all NRIs.

In terms of remittances from abroad, India ranked first in 2020 with a value of $83.15 billion, according to data from the World Bank. That was nearly double remittances to the second largest recipient, Mexico, at $42.9 billion.

– The biggest contributor is the huge Indian community in the Gulf. In a November 2018 bulletin, the latest on the subject, the Reserve Bank of India said that the GCC countries accounted for more than 50 percent of the total $69 billion in remittances India received in 2016-2017.

Do not be afraid of these facts. Save as much as is useful for your main answers.

(Source: gcc-sg.org)

Point to meditation: What was India’s communication with the Gulf countries?

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