John K. Defterios, Anchor and Emerging Markets Editor, CNN International speaks during the 2012 of the World Economic Forum at the congress centre in Davos, Switzerland, January 27, 2012. (Wikipedia/Michael Wuertenberg)
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The Gulf Cooperation Council is not the best-known economic block in the world and after the internal dispute with Qatar its relevance in the future is being put into question.In the last five years, Saudi Arabia drafted up a more ambitious agenda for the GCC, described as a Gulf Union of sorts.With a total population hovering just above 50 million people, the GCC does not have scale.While many in the region are attempting to put the heated political dispute with Qatar in its own silo, the future of the GCC may rely on its outcome.What has become obvious when the blockade emerged is that the GCC lacks a formal dispute mechanism and a working structure for governance.Eager to put the issue to rest, a lasting solution was not cemented and three years later the GCC finds itself in a much worst place and probably the biggest challenge facing this 36-year-old institution.
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