GCC Economic Relations with the USA
Current trends and development prospects
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The Cooperation Council for the Arab States of the Persian Gulf (GCC - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates) has an important place in the system of regional economic associations. With the largest hydrocarbon reserves (45% of the world total), the Cooperation Council plays a unique role in the international economic complex. The choice of trade and economic relations between GCC and the USA as the object of scientific analysis is due to the fact that historically these relations have formed the basis of their economic policy. The Arabian monarchies belong to the...
The Cooperation Council for the Arab States of the Persian Gulf (GCC - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates) has an important place in the system of regional economic associations. With the largest hydrocarbon reserves (45% of the world total), the Cooperation Council plays a unique role in the international economic complex. The choice of trade and economic relations between GCC and the USA as the object of scientific analysis is due to the fact that historically these relations have formed the basis of their economic policy. The Arabian monarchies belong to the sphere of strategic interests of the largest energy consumer - the USA, which inevitably affects the world hydrocarbon market. The study highlights three aspects: the legal framework of the Arabian-American economic relations, their main directions and trends, forecasts of the development of economic relations between the GCC and the United States. The work may be of interest to the authorities when developing the strategy for the development of the Russian oil sector and defining the foreign policy towards the Arab countries, as well as to the business representatives when planning the strategy for the GCC market entry.
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