The Gulf Cooperation Council (GCC) has gained importance in recent years, and its efforts towards economic integration could have profound implications for the Middle East and beyond. The GCC countries — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates — represent more than half of the oil reserves of the Organization of Petroleum Exporting Countries (OPEC). The GCC, along with two other Gulf countries, Iran and Iraq, account for more than 30 per cent of the world's crude oil exports — a figure that is expected to rise to 38 per cent by 2025. The importance of these nations for the wider global economy is only heightened with the current high prices for the commodity.

In addition to being an energy superpower, the GCC is also making headway towards greater economic integration. After starting with the limited goal of establishing a free trade area (FTA), the GCC moved towards a unified bloc, including a customs union established in 2003, and a common market established in 2008. It is now aiming for a monetary union by 2010.

These targets and time frames have been supported by the Region's steady economic expansion, driven by high oil prices and a booming commercial sector. During 2003–06, the GCC economies grew by 74 per cent (in nominal terms). In 2008, the GCC countries' combined gross domestic product (GDP) increased by 10 per cent year-on-year to US$1.1 trillion. It is predicted that at this rate the GCC will be the world's fifth biggest economic bloc by 2020, and its single currency will emerge as a global currency, alongside the euro and the U.S. dollar.

In light of the GCC's high potential, it is logical for the Association of Southeast Asian Nations (ASEAN) to strengthen its ties with the GCC. Hence, the first ASEAN-GCC Ministerial Meeting in June 2009 proposed the negotiation of an ASEAN-GCC FTA. A feasibility study on the proposal is nearing completion, and the two sides will soon start talks on this issue.