Wednesday, Feb 22, 2012
0740 GMT [Zawya Dow Jones]--Political structure differences, fears of a Saudi Arabian decision-making hegemony, and the failure to yet achieve a full economic union, constitute hurdles in the face of a Gulf Cooperation Council, or GCC, states' political union, says London-based Capital Economics. "Although each country within the GCC is similar both in terms of economic structure and culture, current political structures vary and are likely to prevent full unification," says economist Said Hirsh. "Comments from Kuwait's new parliament and concerns in some countries that Saudi would end up in control of decision-making, as well as resource and financial wealth, highlight the difficulties of agreeing such a union," he says. Furthermore, "the GCC has so far failed to implement the much-anticipated currency union and its customs union is still facing many hurdles," Hirsh adds. (leila.hatoum@dowjones.com)
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22-02-12 0741GMT
