Saudi Arabia Concludes Role In Key GCC Trade And Standardization Meetings

The 66th meeting of the Gulf Cooperation Council (GCC) Committee for Trade Cooperation recently concluded, marking a significant step towards enhancing economic collaboration among member states. The Saudi delegation, led by Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce and Chairman of the Board of Directors of the General Authority for Foreign Trade, actively participated in the discussions held in Doha. The presence of GCC Secretary-General Jasem Mohamed Al-Budaiwi and commerce ministers from GCC countries underscored the meeting's importance.

Key topics on the agenda included the progress of negotiations on free-trade agreements with various countries and international blocs. The meeting also addressed challenges in intra-GCC trade, with a focus on projects aimed at supporting small and medium enterprises (SMEs) and entrepreneurship, as well as updates on commercial laws within the GCC countries. Attendees were briefed on the activities of subcommittees and the status of implementing decisions from previous meetings.

Dr. Al-Qasabi also took part in the seventh meeting of the GCC Ministerial Committee for Standardization Affairs. This gathering aimed to bolster cooperation in standardization fields to facilitate trade and promote economic growth within the GCC. A significant outcome was the adoption of 17 new draft technical standards and the conversion of 39 technical regulations into GCC standards, reflecting efforts to modernize and enhance the standardization framework.

The meeting's achievements included the approval of the final financial statement for fiscal year 2023, highlighting the organization's commitment to financial and administrative transparency. Dr. Al-Qasabi emphasized the critical role of economic integration, knowledge exchange, and expertise sharing in boosting the competitiveness of GCC markets on a global scale.

In a move to strengthen bilateral ties, Dr. Al-Qasabi met with Kuwaiti Minister of Commerce and Industry Abdullah bin Hamad Al-Jouaan. Their discussions focused on avenues to further enhance cooperation across various sectors. The trade volume between Saudi Arabia and other GCC countries reached SAR208 billion in 2023, representing approximately 10.5% of Saudi Arabia's total trade volume with the world.

This series of meetings underscores a collective effort among GCC countries to address trade challenges, enhance economic cooperation, and foster a unified approach to global market access. The outcomes reflect a shared commitment to advancing regional economic integration and supporting SMEs, which are vital for sustainable economic growth in the Gulf region.

With inputs from SPA