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      The Analysis of EU-GCC Potential Free Trade Area Agreement Through EU-GCC Actual Steps (1995–2012)

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            Abstract

            The objective of this article is to find out whether strong regional bloc integration of both the European Union (EU) and the Gulf Cooperation Council (GCC) will lead to “stumbling stones” or “building blocks” steps in the signing of the long-awaited EU-GCC free trade area agreement (EU-GCC FTA). A qualitative International Political Economy (IPE) comparison between the two blocs is discussed and summarized in a SWOT (strengths, weaknesses, opportunities, threats) analysis framework. Results show that the Marxist school of thought is the most realistic of all schools in terms of explaining economic regional integration and international FTAs. For the GCC, the potential outcomes of an EU-GCC FTA mean an increase in trade creation, economic welfare, and a fulfillment of economic desires. For the EU, the FTA will lead to EU trade diversion and a mild increase in economic welfare; however, it will allow the EU to fulfill its self-interest in maintaining running its global position in world affairs. The EU should outweigh its benefits toward this FTA, understand the strong competitive advantage found in the GCC countries, and try to cooperate with the GCC in an equal way, supporting developing countries and avoiding the unfair effects of external yet influencing factors that affect such a relationship.

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            Author and article information

            Journal
            10.13169
            worlrevipoliecon
            World Review of Political Economy
            Pluto Journals
            2042891X
            20428928
            Fall 2014
            : 5
            : 3
            : 331-358
            Article
            worlrevipoliecon.5.3.0331
            10.13169/worlrevipoliecon.5.3.0331
            326fc792-98b2-4148-a6ca-60a5d0f16a26
            Copyright 2014 World Association for Political Economy

            All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

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            Categories
            Articles

            Political economics
            free trade agreement,regionalism,trade gravity models,Marxist theories

            Note

            1. “Gulfinization” is a term used by the researcher in the article similar to what is known as Europeanization of the European Union. It is not an existent concept but maybe someday it will be.

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