Albudaiwi: GCC Leaders Place Great Importance on the Economic and Commercial Sector

Doha, November 01, 2024, SPA -- Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi affirmed that the GCC leaders pay significant attention to the economic and commercial sectors.
"The leaders of the GCC have directed the continuation of efforts to transition from cooperation to union and emphasised the importance of accelerating the achievement of economic unity among the GCC states, completing the necessary requirements to accomplish this," Albudaiwi stated. This was stated during a consultative meeting among the Ministers of Commerce and Industry and the Heads of the unions and chambers of commerce in the GCC states, held Thursday in Doha.
The meeting was chaired by Qatari Minister of Commerce and Industry Sheikh Mohammed bin Hamad bin Qassim Al Thani, who is also president of the current session. It was attended by the Ministers of Commerce and Industry from the member states.
At the beginning of his speech, the GCC Secretary General expressed his belief in the private sector's active and pivotal role in achieving the member states' national visions and supporting the joint Gulf cooperation efforts. He stated that this meeting aims to identify the challenges and obstacles facing the Gulf private sector and work on overcoming them and finding solutions in light of the directives of the Council's leaders, who emphasise the importance of the private sector and empower it to play its effective role in achieving economic integration among the member states.
Moreover, Albudaiwi hopes that this regular meeting will contribute to further efforts toward completing the components of economic unity and coordinating positions that enhance the solidarity and stability of the GCC states, protect their interests, and shield them from regional and international conflicts, as well as meet the aspirations and ambitions of their citizens and strengthen their regional and international role through unified political positions and the development of strategic partnerships with the international community, regional and international organisations, and brotherly and friendly countries.
He went on to highlight that this regular consultative meeting among the Ministers of Commerce and Industry of the Council and the Heads and Members of the chambers of commerce and industry in the GCC provides a dialogue space among policymakers and decision-makers in the GCC, facilitating discussions between government officials and representatives of the private sector to support and enhance the growth of the economies of the member states and address the economic, regional, and international challenges faced by the Gulf private sector.
"It also aims to increase trade exchange among the member states. Undoubtedly, the significant achievements made in this regard have opened wide horizons in many economic fields both within the GCC and globally," Albudaiwi stated.
The GCC Secretary General presented some statistics, mentioning that the GDP of the GCC states for the year 2023 is approximately $2.1 trillion, placing them among the advanced countries in terms of GDP size. The total volume of intra-GCC trade for 2022 exceeded $127 billion, while the total trade volume (excluding intra-GCC trade) for the same year surpassed $1.5 trillion.
Finally, he emphasised that these economic indicators clearly highlight the significant opportunities that require us to exert more effort to develop joint Gulf work in all commercial fields.

--SPA