The Cooperation Council of the Arab States of the Gulf, having actively supported the Middle East Peace Process ever since the launching of the Madrid Conference, and being fully aware of the important breakthroughs realized so far, particularly in the Palestinian and Jordanian tracks which comprise agreements covering economic cooperation between the Israelis and both the Jordanians and the Palestinians, seriously recognize the importance of a review of the provisions of the Arab boycott of Israel so as to take into consideration progress achieved and substantive future requirements of the peace process.
The GCC member states have constantly reiterated their determination to enhance cooperation with their trading partners in various spheres. Concerning the application of the Arab boycott of Israel, necessary measures have been taken with a view to protecting the mutual interests of the GCC and its trading partners. As a result of these measures and for all practical purposes, secondary and tertiary boycott are no longer a threat to the interests of these partners.
Whereas the Arab boycott of Israel was enacted by the League of the Arab States, and its review to take into consideration developments and requirements of the Middle East peace process must take place, the GCC member states will support all or any initiative for such review presented in the League of Arab States. Further, the GCC believe that a sponsorship of such initiative by Arab parties directly involved in the bilateral negotiations, whether selectively or individually, shall facilitate the required review and ensure a greater chance of success.
Sources: Office of Antiboycott Compliance