GCC Committee approves measures for enhanced economic integration among member states
Riyadh, October 05, 2023, The Secretary-General of the Gulf Cooperation Council (GCC), Jassem Mohamed Albudaiwi, announced that the GCC Financial and Economic Cooperation Committee has greenlit various regulations and resolutions aimed at boosting economic integration among the GCC member states. These initiatives align with the leaders' directives to consolidate the Gulf's economic structures.
Albudaiwi made these remarks during the 120th meeting of the GCC Financial and Economic Cooperation Committee, held in Muscat, Oman, under the chairmanship of Sultan bin Salim Al Habsi, the Minister of Finance of Oman.
At the outset of the meeting, the GCC Secretary-General expressed gratitude for Oman's unwavering efforts in advancing the GCC's progress, emphasizing the commitment to enhancing economic aspects, including the establishment of the GCC Customs Union and Common Market by 2025, as per the leaders' directives.
Albudaiwi underscored that these directives reflect the GCC leaders' dedication to advancing regional cooperation, emphasizing the significance of comprehensive economic integration in achieving complete unity among the GCC countries.
Moreover, he highlighted the GCC nations' efforts to diversify income sources, reduce reliance on natural resources, and enhance economic diversification. This commitment was exemplified by the invitation from the UAE and Saudi Arabia to join the BRICS Group and the establishment of an economic corridor linking India to Europe through GCC countries.
In response, the GCC Financial and Economic Cooperation Committee members expressed their appreciation for the General Secretariat's achievements and efforts, particularly the signing of the Free Trade Agreement between the GCC countries and Pakistan. They expressed optimism that this agreement would be the first of many to come.
The meeting also delved into various key issues related to strengthening financial and economic cooperation among GCC member states, including recommendations from the GCC Committee of Central Bank Governors, the GCC Customs Union Authority, and the GCC Joint Market Committee. The progress towards achieving economic unity by 2025 was also reviewed.