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To achieve the objectives of the joint economic action in the economic area, the Supreme Council adopted the Common Economic Agreement at its 2nd Session (November 1981). The Agreement draws the plan for the joint economic action and the phases of the economic integration and cooperation among the GCC States. The said Agreement constitutes the core of the integration programs that have been developed in detail over the first twenty years following the establishment of the GCC, which includes, in particular:

1. Achieving Economic nationality among the GCC citizens
2. Achieving the economic integration among Member States in gradual steps, beginning with the establishment of the Free Trade Area, the Customs Union, the Common Market and ending with the establishment of the Monetary and Economic Union and the necessary common institutions
3. Convergence and unification of laws, regulations and strategies in the economic, financial and trade areas
4. Interconnecting the infrastructures in Member States, particularly in areas of communications, electricity and gas and promoting the establishment of joint ventures,