GCC chief: Advancing customs union and common market key to economic competitiveness

Gulf Cooperation Council Secretary-General Jasem Mohammed Albudaiwi has emphasized that accelerating economic integration and completing the GCC customs union and common market are fundamental to strengthening the competitiveness of member states’ economies, enhancing their ability to respond to global changes, and achieving sustainable development. He added that the standing ministerial preparatory committee of the GCC Economic and Development Affairs Authority is playing an increasingly important role in supporting and monitoring these projects through policies, initiatives, and practical projects that deliver tangible progress in economic integration among member states.

Albudaiwi made these remarks during the tenth meeting of the standing ministerial preparatory committee of the GCC Economic and Development Affairs Authority, held today in Manama, Bahrain. The meeting was chaired by Bahrain’s Minister of Finance and National Economy, Sheikh Salman bin Khalifa Al Khalifa, who currently presides over the committee, and attended by its members from across the GCC.

In his speech, Albudaiwi highlighted several economic indicators that demonstrate the strength of GCC economies and their progress in diversification and integration, citing statistics from the GCC Statistical Center for 2025. He noted that the combined nominal GDP of GCC countries reached about $2.4 trillion, making the bloc the world’s ninth-largest economy. The non-oil sector contributed around 79% of total GDP, reflecting significant strides in diversifying the economic base. Intra-GCC trade, measured by the value of exports among member states, exceeded $177 billion, a 125% increase compared to 2007, underscoring the vital role of the common market. Intra-GCC investment stood at over $171 billion, accounting for more than 21% of total foreign direct investment received by member states.

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