The Gulf Cooperation Council (GCC) announced here Friday that the agenda of its weekend summit would focus on joint actions in regional key political and security issues.

GCC Secretary-General Abdul Rahman al-Attiya made the announcement in a statement to Saudi Arabia's official SPA news agency.

The GCC, which groups Saudi Arabia, Kuwait, Qatar, the United Arab Emirates (UAE), Oman and Bahrain, is due to hold its 27th summit on Saturday and Sunday in Riyadh where the council is headquartered.

In the statement, Attiya said that the coming summit discussions would focus on issues such as counter-terrorism, Iran's nuclear program and the current situation in Iraq, Lebanon and the Palestinian territories.

Referring to the intensifying situation in Lebanon, Attiya stressed that the recent developments in the country raised concern as they might lead to unpredictable consequences.

"We in the council, wish that wisdom would prevail and make all people assume their responsibilities in addressing the risks of sedition and the prevention of division," he said.

Regarding the integration efforts among the GCC countries, Attiya said the efforts are large-scale and intensive in all areas.

The GCC chief, meanwhile, asserted that the Gulf Common Market is one of the most significant steps on the way to the desired integration through economic unity among the GCC members.

In last year's summit, the GCC decided to extend the transition period of the bloc's Customs Union by two years to the end of 2007.

The GCC launched the Customs Union in 2003, under which a 5 percent tariff is imposed on all imports. But there are still many goods outside the unified tariff system, while the six member states have disagreed on the distribution mechanism of tariff revenues.

The alliance has so far remained committed to establishing a common market by 2007 and a single currency by 2010. Although the bloc has been striving to achieve economic integration, analysts say the pace is slow and progress limited.

The GCC, founded in 1981, is a regional political and economic alliance aimed at enhancing security and economic cooperation among its six member states which, in all, hold almost half of the world's oil reserves and 14 percent of global gas reserves.

Source: Xinhua