Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi affirmed that the GCC states are exerting significant efforts to enhance economic cooperation and integration, as part of their persistent pursuit of achieving Gulf economic unity and solidifying the GCC’s position as a leading global hub for finance, investment, and the economy.
This statement came during the 69th meeting of the GCC Commercial Cooperation Committee, held today in the State of Kuwait. The meeting was chaired by Minister of Commerce and Industry of Kuwait and president of the current session Khalifa Abdullah Al-Ajeel and was attended by the ministers of commerce from all GCC states, SPA reported.
He stated during the speech that building a strong and sustainable economy can only be achieved through joint cooperation and integration among nations.
He noted that the successes and accomplishments along this path in GCC countries are the fruit of the great and sincere efforts of the esteemed Commercial Cooperation Committee in promoting cooperation and integration among member states.
The secretary-general emphasized that the GCC states, with sincere determination and tireless efforts, seek to embody the visions and goals of their leaders, which aim to enhance the journey of economic cooperation and integration in general, and commercial integration in particular.
This is being pursued by overcoming obstacles, facilitating trade exchange between GCC countries, and improving the flow of goods and services to achieve the desired Gulf economic unity.
This effort places a responsibility on all to implement the vision of the GCC leaders to achieve the intended integration and reach the Gulf Common Market.
He also pointed to several indicators, noting that the total GDP of the GCC states at current prices reached approximately $2.2 trillion in 2023 and about $2.3 trillion in 2024, recording a growth rate of 2.2%.
This ranks the GCC bloc 9th globally by GDP, reflecting the resilience of Gulf economies and their ability to recover and continue on a growth trajectory. Furthermore, the volume of intra-GCC trade (measured by total intra-commodity exports) exceeded $132 billion in 2023 and rose to over $145 billion in 2024, marking an annual growth rate of 9.8% compared to 5.0% in the previous year.
He said that these indicators confirm the growing strength and expanding scope of Gulf trade exchange. On the one hand, they highlight the economic stature of the GCC states, and on the other, they reflect promising opportunities and significant potential that must be optimally invested in to enhance joint Gulf cooperation across various commercial and economic fields.
