Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi affirmed that the GCC countries have paid great attention to all areas of integration, especially the economic field, in an effort to enhance the gains of Gulf economic citizenship.
"The basic objectives of the GCC, as stipulated in Article 4 of the Council's Charter, emphasize the importance of achieving coordination, integration, and interconnectedness among member states in all fields, to achieve unity, deepen and consolidate the existing ties, connections, and aspects of cooperation between their peoples in various fields, as well as establishing similar systems in different areas, including encouraging cooperation between the private sector for the benefit of their peoples," he stressed.
These remarks were made during the 124th meeting of the GCC Financial and Economic Cooperation Committee, held today in Kuwait City.
The meeting was chaired by Kuwaiti Minister of Electricity, Water and Renewable Energy, Acting Minister of Finance, and Minister of State for Economic Affairs and Investment, and President of the current session Dr. Subaih Abdulaziz Al-Mukhaizeem, and attended by the ministers of finance of the GCC countries.
The secretary-general highlighted the economic indicators of the GCC countries, with the combined GDP of the GCC countries reaching approximately $2.3 trillion by the end of 2024, and the volume of foreign trade reaching approximately $1.5 trillion.
"The economic and trade policies adopted by the GCC since its inception, starting with the Free Trade Area, the Customs Union, and the Gulf Common Market, have contributed to the development of intra-GCC trade, reaching more than $145 billion in 2024, with a growth rate of approximately 9.8% compared to 2023," he stated.
"These indicators are not just numbers and statistics, but clearly embody the depth of the economic integration process among the GCC countries and reflect the fruits of the wise policies adopted since the inception of the GCC, confirming our effective position at the regional and international levels and our growing role in leading and directing the course of the global economy," he added.
