KUWAIT CITY (Xinhua) -- The Persian Gulf Cooperation Council (PGCC) on Tuesday welcomed efforts to seek peaceful solution to the nuclear row between Iran and the West.

In the final communiqué of the 30th summit of PGCC leaders, the regional bloc called on all related parties to work for a political settlement of the issue.
The PGCC emphasized the right of all countries in the region to have peaceful nuclear energy within the framework of international agreements, based on regulations of the International Atomic Energy Agency and under its supervision.
The PGCC was established in 1981 and groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
The summit under way in Kuwait City has come at an unusual time. It marks a first in the history of the PGCC since its formation in 1990.
Besides, the world economic crisis and regional implications is likely to dominate discussion during the summit that will also be participated by UAE‘s President His Highness Shaikh Khalifa bin Zayd al Nahyan.
The PGCC’s financial woes in face of global economic meltdown had more or less been buffered over the past year. The PGCC is lucky to have escaped the eye of the storm and there have been but few cases that caused a major financial upheaval. The recent Dubai debt issue that was targeted by a malevolent media campaign abroad has been positively resolved with the deft handling in a show of solidarity by Abu Dhabi, thus obviating the gloomy predictions of the downfall of the Emirate. It is expected that some major economic announcements are to be made at the Summit. These may include the launching of the PGCC monetary union pact, a multi-billion dollar inter-PGCC railway network and a joint power grid. These projects are important for furthering integration of the PGCC bloc.
Photo:
Kuwait's Emir Sheikh Sabah al-Ahmad al-Sabah (C) escorts Saudi Arabia's King Abdullah (R) and United Arab Emirates' President Sheikh Khalifa bin Zayed al-Nahyan to attend the closing ceremony of the Persian Gulf Cooperation Council (PGCC) summit in Bayan Palace December 15, 2009. (Reuters photo)