The Riyadh communique issued on Sunday comes as the latest affirmation of the Gulf Cooperation Council’s commitment towards achieving economic integration by 2025.
Each of the UAE and Saudi Arabia proposed setting up a coordination council and to adopt a strategy for economic, development and military integration.
The GCC leaders, in the 39th GCC summit’s final communique, reaffirmed their keenness to maintain the unity of Gulf member states.
The council seeks to maximize economic benefits reaped by GCC member states and to achieve full integration, noting that intra-GCC trade volume reached $133 billion dollars in 2017, compared to only $15 billion in 2003.
GCC leaders reaffirmed needing to spend additional efforts to address challenges facing the achievement of integration at economic, social, political, security and military levels.
They also called for completing programs and projects needed to fulfill the integration vision and which will ultimately boost the regional and international role of the GCC.
The communique also called for addressing all obstacles to achieve economic integration by 2025 and to complete the requirement for the creation of the common market and customs union.
“Economic cooperation between the GCC states represents the most important achievements in the GCC countries towards integration and unity,” Chairman of Council of Saudi Chambers Sami Al-Abidi told Asharq Al Awsat.
“The measures and policies adopted in this regard have contributed to increasing GCC economic cooperation, intra-regional trade and joint investments,” Abidi added.
Abidi invited GCC member states to involve the private sector and enable its active participation in achieving economic integration.
He added that the GCC countries represent an exemplary model for economic unity in the Arab region and the Middle East. “This has strengthened their position as a regional economic bloc capable of competing globally and to face the challenges of economic globalization,” he noted.
Abidi explained that Gulf chambers of commerce are working on developing a comprehensive strategic plan to heighten GCC economic performance amid rising regional and international economic challenges.
