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Great expectations as Muscat Summit promises concrete steps

MUSCAT — Great optimism surrounds today’s AGCC Summit as the leaders of Oman, Saudi Arabia, the UAE, Kuwait, Qatar and Bahrain get together to take their countries closer to what every citizen believes is the ultimate objective — a solid regional alliance with common political and economic goals.

The palatial Al Bustan Palace Hotel hosted the AGCC foreign ministers’ complementary meeting yesterday which, it is learnt, has finalised the agenda for today’s summit.

Chaired by Yousuf bin Alawi bin Abdullah, minister responsible for foreign affairs, the meeting reviewed bilateral relations and discussed joint economic ventures, to be adopted by the regional alliance. The foreign ministers also debated the global financial crisis, its effects on the region and their collective response to deal with the situation.

The meeting, which continued for many hours, also discussed the latest regional developments, particularly in the light of Israeli attacks on Gaza. Situation in Iraq and the recent tension between India and Pakistan and Yemen’s joining the AGCC institutional framework are also likely to be part of the summit agenda finalised by the foreign ministers yesterday.

The exemplary leadership of His Majesty Sultan Qaboos bin Said and his excellent relations with all the AGCC leaders are giving hope to increased assurance that the Muscat Summit will meet people’s expectations again.

The Sultanate’s capital is currently home to hordes of foreign journalists who have come to cover today’s immensely important summit and though some were a little sceptical about the outcome, the majority shared the common confidence that many concrete steps will emerge from the meeting, especially on the economic front.

“Whenever the AGCC summit has taken place in Muscat, it has produced great things and I really hope this trend will continue tomorrow,” commented Dr Suhayb Sarab, editor-in-chief of Saudi Business Focus, talking to Times of Oman yesterday.

One of the major developments likely to take place at today’s summit is the possible announcement of the AGCC Common Monetary Council, which will finally lead to the setting up of a central bank for the Gulf countries. All these steps are aimed at a common currency for the Gulf states.

Once established, the joint central bank will decide the common currency’s exchange rate.

The issues of common currency and economic integration will be on top of the summit agenda today.

The meeting is also likely to finalise a roadmap to increased economic cooperation and integration among the six AGCC countries.

The finance ministers had approved the framework for their monetary union in September but had not specified the timing of the launch of the common currency.

The single currency is officially scheduled to be launched in 2010, a deadline many doubt, would be possible to meet.

Oman had opted out of common currency plans but experts feel may join at a later stage.

According to Oman News Agency, a proposal for Yemen joining the Gulf Institutions for Industrial Consultations, AGCC Auditing Institution, radio and TV service and the AGCC Standards Institution will also be presented to the leaders today.