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1. The Supreme Council at the 29th session, (Muscat, December 2008) adopted the Monetary Union Agreement and the Statute of the Monetary Council pursuant to the timeframe approved by the Supreme Council for establishing the Monetary Union and introducing the single currency.
2. Having completed the main prerequisites, the GCC Common Market was declared in December 2007 to be launched as of January 2008.
3. Trade promotion that falls in two stages:
a) Establishing a Free Trade Area among Member States as of March 1983. This led to the free movement of national goods across Member States without customs duties and according such goods national treatment according to certain controls.
b) Establishing the GCC Customs Union as of January 1st 2003. This Customs Union provides for a common external tariff and the free movement of goods across member States without tariff or non-tariff barriers.
4. Concluding the GCC Economic Agreement (2001) that was ratified by all Member States
5. Adopting general strategies and policies that would serve as the basis of national policies in Member States, such as the instruments issued by the Supreme Council in the planning, population, industry, oil and agriculture areas
6. Unification of laws, regulations and procedures in the economic fields. The Supreme Council has adopted some 40 standard laws, some of which are binding while most of the other laws are for mere reference
7. Establishing the GCC joint institutions with a view to stressing the technical and economic cooperation among Member States and cutting the costs. Some of these institutions are the following:

Gulf Investment Organization
GCC Standardization Organization
Commercial Arbitration Center
Patents Office
Technical Office for Telecommunications
The GCC ATM Network
The Electric Interconnection Corporation that has been established as a joint-stock company. The first and second phases of the GCC Electric Interconnection Project have been completed; and the third phase is expected to be completed by 2011.
Office of the technical Secretariat for Anti-Dumping

8. Coordination of stands in the international economic arena and the collective negotiation and economic dialogue with other countries and economic groupings, such as the EU, USA, Japan and China
9. Cooperation and coordination in the field of the basic structures such as roads, communications and telecommunications and in the field of joint projects, and the agreement on the implementation of the first phase of the electric interconnection project
10. Cooperation at the various levels and in all economic fields, such as the banking technology, monetary and fiscal matters, statistical surveys, industry and business conferences, forums and studies in the field of oil, gas, petrochemicals and industry.