Good times were forecast for the region as the Gulf common market was launched yesterday with a combined economy of $715 billion. The historic move is a qualitative leap forward as it anchors complementary economic co-operation.

"The GCC represents a huge market to reckon with internationally, with such a colossal GDP," Bahrain's Finance Ministry said in a statement.

It also hailed the step as being crucial in paving the way for the establishment of the GCC monetary union.

"The common market will open bright horizons for the private sector to spearhead economic and social development", assistant under-secretary Yusif Abdulla Humood said.

"It also places the GCC bloc as one of the largest blocs and key global economic player" he added.

The pact allows the free flow of capital and ensures Gulf nationals freedom of movement, residency as well as employment in both public and private sectors. They will also be entitled to social insurance, pension rights, real estate ownership, share trading, even-handed taxation and the establishment of companies.

The common market scheme also covers a variety of other areas, particularly education, health, social services, handicrafts and investment ventures.

The joint scheme is also expected to give more negotiating power to member states in their free-trade talks and strengthen their economic competitiveness. -TradeArabia News Service