Customs Union Authority Plays Vital Role In GCC Economic Integration, Says Jasem Albudaiwi

The Gulf Cooperation Council (GCC) Secretary-General, Jasem Mohamed Albudaiwi, highlighted the crucial role of the Customs Union Authority in enhancing economic collaboration among member states. He emphasised its responsibilities in achieving economic integration and overcoming obstacles to complete the union. His comments were made during the opening ceremony of the GCC Customs Union Authority headquarters in Riyadh, attended by Eng. Suhail bin Mohammed Abanmi.

Albudaiwi expressed gratitude to King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman for their unwavering support to the GCC General Secretariat and affiliated bodies hosted by Saudi Arabia. This backing has enabled significant achievements and elevated the GCC's standing regionally and internationally. He acknowledged that these accomplishments were possible due to divine grace and the guidance of GCC leaders.

"The GCC system has achieved and continues to accomplish many successes at all levels," Albudaiwi stated. He noted that the Customs Union is a successful regional and international model. Established in 2003, it unified member states into a single customs entity towards external parties. This strategic project reflects the leaders' commitment to economic cooperation.

The Supreme Council's 42nd session in December 2021 marked a pivotal moment for the Customs Union Authority. A resolution was passed to activate its operations fully, granting it comprehensive powers to fulfil its duties. This decision aligns with best practices aimed at completing all requirements of the Customs Union.

Albudaiwi praised the authority's efforts since its inception, highlighting its work on joint customs projects. These initiatives aim to unify customs procedures across member states, digitise operations, and coordinate with relevant government agencies. Such efforts have boosted intra-trade volume, enhanced Gulf companies' competitiveness, and lowered production costs.

Looking ahead, Albudaiwi hopes for further advancements by the authority in improving beneficiary experiences within a digital framework. He envisions continued adoption of modern technologies and tools based on international best practices.

The Customs Union Authority remains committed to fostering economic integration among GCC countries while addressing challenges efficiently. Its ongoing projects are expected to contribute significantly to regional trade growth and economic stability.

With inputs from SPA