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Coping with the developments of the joint action over the first two decades since the establishment of the GCC and with the international developments and challenges in the economic field, the Supreme Council adopted the Economic Agreement at its 22nd Session (December 2001). The new Agreement has shifted the Joint Action approach from the stage of coordination to the stage of integration according to specific mechanisms and schemes. The Agreement has become more comprehensive in addressing the following topics:
1. The GCC Customs Union
2. The international economic relations between Member States and the other countries, economic groupings and international and regional organizations, and the provision of international and regional aids
3. The GCC Common Market which specifies the areas of the Economic nationality
4. The Monetary and Economic Union
5. Improving the investment climate in Member States
6. The development integration across Member States, including the industrial development, development of oil and gas and the natural resources, agricultural development, environment preservation and joint projects
7. Development of human resources, including education, eradication of illiteracy, compulsion of basic education, activation of the population strategy, nationalizing and training of Labor Force and increasing their contribution to the labor market.
8. Scientific and technical research, development of scientific, technological and informatics database and protection of intellectual property rights
9. Integration in the infrastructure areas, including transportation, telecommunications and E-commerce

In addition, the Agreement contains (Chapter 8) mechanisms for implementation, follow-ups and dispute settlement. The Agreement provides for the formation of a judicial commission to adjudicate disputes arising from the implementation of the Agreement and the resolutions for its implementation.