GCC Secretary-General Jasem Albudaiwi Highlights Economic Unity At Finance Ministers Meeting In Kuwait

The Gulf Cooperation Council (GCC) Secretary-General, Jasem Albudaiwi, highlighted the significant focus on integration within the GCC, particularly in economic areas. This effort aims to boost the benefits 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.

During a meeting held in Kuwait City, Albudaiwi discussed these priorities at the 124th session of the GCC Financial and Economic Cooperation Committee. The gathering was led by Dr. Subaih Abdulaziz Al-Mukhaizeem, Kuwait's Minister of Electricity, Water and Renewable Energy and Acting Minister of Finance. Finance ministers from GCC countries were also present.

Albudaiwi pointed out that by 2024, the combined GDP of GCC nations is expected to reach $2.3 trillion. Additionally, foreign trade volume is projected to hit $1.5 trillion. These figures underscore the region's economic strength and integration efforts.

"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," he stated. Intra-GCC trade is anticipated to exceed $145 billion in 2024 with a growth rate nearing 9.8% compared to 2023.

Albudaiwi emphasized that these statistics are more than mere numbers; they represent significant progress in economic integration among GCC countries. "These indicators are not just numbers and statistics but clearly embody the depth of the economic integration process among the GCC countries," he added.

The secretary-general noted that these achievements reflect wise policy decisions made since the GCC's formation. They confirm its influential role both regionally and internationally while enhancing its leadership in global economic directions.

The meeting underscored how strategic policies have bolstered intra-regional trade and strengthened economic ties among member states. This approach continues to position GCC countries as key players on both regional and international stages.

With inputs from SPA