GCC Leaders Stress Economic Unity And Commercial Sector Development At Doha Meeting

The Gulf Cooperation Council (GCC) Secretary General, Jasem Mohamed Albudaiwi, highlighted the importance GCC leaders place on economic and commercial sectors. "The leaders of the GCC have directed the continuation of efforts to transition from cooperation to union and emphasised the importance of accelerating the achievement of economic unity among the GCC states, completing the necessary requirements to accomplish this," Albudaiwi stated.

During a consultative meeting in Doha, attended by Ministers of Commerce and Industry from member states, Albudaiwi stressed the private sector's crucial role in achieving national visions. He noted that this gathering aims to identify challenges facing the Gulf private sector and find solutions based on directives from GCC leaders. These leaders emphasise empowering the private sector to achieve economic integration among member states.

Qatari Minister of Commerce and Industry Sheikh Mohammed bin Hamad bin Qassim Al Thani chaired the meeting. Albudaiwi expressed hope that regular meetings would further efforts towards economic unity, enhancing solidarity and stability within GCC states. This includes protecting their interests from regional and international conflicts while meeting citizens' aspirations through unified political positions.

The Secretary General underscored the significance of strategic partnerships with international communities and organisations. He believes these partnerships will strengthen the GCC's regional and international roles. The consultative meeting serves as a platform for dialogue between policymakers and decision-makers in the GCC, facilitating discussions between government officials and private sector representatives.

Albudaiwi highlighted that these discussions aim to support economic growth in member states by addressing challenges faced by the Gulf private sector. "It also aims to increase trade exchange among the member states. Undoubtedly, the significant achievements made in this regard have opened wide horizons in many economic fields both within the GCC and globally," Albudaiwi stated.

The Secretary General shared statistics showing that in 2023, the GDP of GCC states is approximately $2.1 trillion, ranking them among advanced countries by GDP size. In 2022, intra-GCC trade exceeded $127 billion, while total trade volume (excluding intra-GCC trade) surpassed $1.5 trillion. These figures highlight significant opportunities for developing joint Gulf work across all commercial fields.

Albudaiwi concluded by emphasising that these economic indicators underscore opportunities requiring increased efforts to enhance joint Gulf initiatives in commerce. The meeting's outcomes are expected to contribute significantly towards achieving economic unity among GCC nations while bolstering their global standing through strategic partnerships.

With inputs from SPA