Kuwait, Oct. 2 (BNA): The 124th meeting of the GCC Financial and Economic Cooperation Committee was held in Kuwait, chaired by Dr. Subaih Abdulaziz Al Mukhaizeem, Minister of Electricity, Water, Renewable Energy and Acting Minister of Finance and Minister of State for Economic Affairs and Investment of Kuwait, with the participation of GCC ministers of finance.

During the meeting, Jassim Mohammed Al Budaiwi, Secretary General of the Gulf Cooperation Council (GCC), emphasised that the GCC states have given significant attention to strengthening economic integration, particularly in advancing the gains of Gulf economic citizenship.

He noted that the fourth article of the GCC Charter underscores the importance of coordination, integration, and interconnection among member states across all domains, with the goal of achieving unity and deepening cooperation among their peoples. This includes adopting harmonised systems in various areas and encouraging private sector cooperation to benefit citizens.

Al Budaiwi highlighted that while the GCC has achieved major milestones, the directives of Their Majesties and Highnesses, the leaders of the GCC states, consistently call for deeper integration to meet the aspirations of citizens and to further build on the achievements of joint economic cooperation.

He pointed to GCC economic indicators, noting that the combined GDP of member states reached around USD 2.3 trillion by the end of 2024, while foreign trade amounted to approximately USD 1.5 trillion. Intra-GCC trade exceeded USD 145 billion in 2024, marking a growth of nearly 9.8% compared with 2023.

He underlined that these figures reflect the depth of economic integration among GCC states and the results of policies pursued since the Council’s establishment, emphasising the GCC’s influential role regionally and internationally and its growing contribution to the global economy.

M.S.A, N.N, S.E