Cooperation Council for the Arab States of the Gulf
In 1994, following the Oslo Peace Accords, the Cooperation Council for the Arab States of the Gulf (GCC) states, ended their participation in the Arab boycott against Israel, and stated that total elimination of the boycott is a necessary step for peace and economic development in the region. In present days, the Arab boycott is rarely applied. The move prompted a surge of investment in Israel, and resulted in the initiation of joint cooperation projects between Israel and Arab countries.