Intra-Gulf Trade Exceeds $100 Billion

The 64th meeting of the Trade Cooperation Committee of the GCC Trade Ministers was held on Thursday in Muscat. (Omani News Agency)
The 64th meeting of the Trade Cooperation Committee of the GCC Trade Ministers was held on Thursday in Muscat. (Omani News Agency)
TT
20

Intra-Gulf Trade Exceeds $100 Billion

The 64th meeting of the Trade Cooperation Committee of the GCC Trade Ministers was held on Thursday in Muscat. (Omani News Agency)
The 64th meeting of the Trade Cooperation Committee of the GCC Trade Ministers was held on Thursday in Muscat. (Omani News Agency)

Jasem Mohamed Al-Budaiwi, Secretary General of the Cooperation Council for the Arab States of the Gulf, said that the volume of intra-Gulf trade exceeded $100 billion, as a result of efforts to enhance areas of economic cooperation between the six countries.

Addressing an economic conference in Oman, Al-Budaiwi called for accelerating work to complete economic and development projects and to reach Gulf economic integration, with the aim to strengthen the position of the GCC countries as a global financial, investment and economic hub, and to confront global economic challenges in light of the current geopolitical crises and their repercussions on GCC countries.

Al-Budaiwi was speaking during the 64th meeting of the Trade Cooperation Committee of the GCC Trade Ministers, which was held on Thursday in Muscat.

He also attended the inauguration of the first edition of the Gulf Pioneers platform and the 50th meeting of the GCC Industrial Cooperation Committee.

Al-Budaiwi noted that the Gulf Pioneers platform aims to facilitate communication and provide the necessary data and information for Gulf entrepreneurs, as well as enable them to develop and improve their businesses

He indicated that the platform contributes to highlighting the various investment opportunities in the region and facilitates communication between Gulf entrepreneurs, investors, financiers, customers and job seekers.

For his part, Qais Al-Yousef, Omani Minister of Trade, Industry and Investment Promotion, praised the efforts made by the GCC General Secretariat to promote economic cooperation among the countries.

Dr. Saleh bin Saeed Masan, Undersecretary for Commerce and Industry at the Omani Ministry of Commerce, Industry and Investment Promotion, said that Oman, the current chairman of the council, submitted two proposals, including an award for honoring GCC innovators, and the establishment of a Gulf industrial forum.

Meanwhile, the 50th meeting of the GCC Industrial Cooperation Committee discussed a number of issues, including finding a unified definition of the Gulf national product and its standards.

The heads of federations and chambers of the GCC states also held a consultative meeting to promote the growth of the economic sector.

 



9 EU Countries Call for Talks on Ending Trade with Israeli Settlements

Israeli soldiers take aim during a raid in the old town of Nablus city in the occupied West Bank on June 10, 2025. (Photo by Jaafar ASHTIYEH / AFP)
Israeli soldiers take aim during a raid in the old town of Nablus city in the occupied West Bank on June 10, 2025. (Photo by Jaafar ASHTIYEH / AFP)
TT
20

9 EU Countries Call for Talks on Ending Trade with Israeli Settlements

Israeli soldiers take aim during a raid in the old town of Nablus city in the occupied West Bank on June 10, 2025. (Photo by Jaafar ASHTIYEH / AFP)
Israeli soldiers take aim during a raid in the old town of Nablus city in the occupied West Bank on June 10, 2025. (Photo by Jaafar ASHTIYEH / AFP)

Nine European Union countries have called on the European Commission to come up with proposals on how to discontinue EU trade with Israeli settlements in the occupied Palestinian territories, according to a letter seen by Reuters on Thursday.

The letter, addressed to EU foreign policy chief Kaja Kallas, was signed by foreign ministers from Belgium, Finland, Ireland, Luxembourg, Poland, Portugal, Slovenia, Spain and Sweden.

The EU is Israel's biggest trading partner, accounting about a third of its total goods trade. Two-way goods trade between the bloc and Israel stood at 42.6 billion euros ($48.91 billion) last year, though it was unclear how much of that trade involved settlements.

The ministers pointed to a July 2024 advisory opinion from the International Court of Justice, which said Israel's occupation of Palestinian territories and settlements there are illegal. It said states should take steps to prevent trade or investment relations that help maintain the situation.

"We have not seen a proposal to initiate discussions on how to effectively discontinue trade of goods and services with the illegal settlements," the ministers wrote.

"We need the European Commission to develop proposals for concrete measures to ensure compliance by the Union with the obligations identified by the Court," they added.

Israel's diplomatic mission to the EU did not immediately respond to a request for comment.

Belgian Foreign Minister Maxime Prevot said Europe must ensure trade policy is in line with international law.

"Trade cannot be disconnected from our legal and moral responsibilities," the minister said in a statement to Reuters.

"This is about ensuring that EU policies do not contribute, directly or indirectly, to the perpetuation of an illegal situation," he said.

The ministers' letter comes ahead of a meeting in Brussels on June 23 where EU foreign ministers are set to discuss the bloc's relationship with Israel.

Ministers are expected to receive an assessment on whether Israel is complying with a human rights clause in a pact governing its political and economic ties with Europe, after the bloc decided to review Israel's adherence to the agreement due to the situation in Gaza.