The Manama Declaration, read on December 31, 2000 by Secretary-General of the Gulf Cooperation Council Jameel Ibrahim Al-Hujailan at the final meeting in Bahrain of the 21st session of the Supreme Council, stressed the importance of implementation of the following:
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consolidating the principle of common security among GCC member states by boosting cooperation and coordination to protect regional as well as national security and maintain the independence, sovereignty and territorial integrity of each within the framework of adherence to the principles of their joint defense agreement;
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enhancing the steps for establishing a unified Gulf economy to enable it to deal with major economic blocs;
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giving priority in the upcoming stage of cooperation to the economic sector, following the "new economy" based on technology;
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boosting the stability of exchange rates among the currencies of GCC member states;
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expediting the program for the establishment of a customs union and unification of customs tariffs among GCC countries as agreed upon at the 20th summit in Riyadh, and considering the establishment of a common Gulf market;
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coordinating study of commitments and pledges submitted by the GCC member states to the World Trade Organization (WTO) and setting up an appropriate mechanism and timetable for implementation of those commitments;
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studying the possibility of establishing effective mechanisms for settling disputes concerning the implementation of the unified economic agreement among the GCC countries and the decisions issued by the Supreme Council on economic affairs, giving a greater role to commercial arbitration centers;
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reconsidering the adoption of methods for taking economic decisions by consensus.
