General Secretariat - Doha
His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), stated that the member states are making substantial efforts to implement the decisions and directives of Their Majesties and Highnesses, the leaders of the Council states. These efforts are particularly focused on enhancing cooperation and integration in the economic sphere, with a special emphasis on trade. This involves overcoming obstacles and increasing the volume of trade exchange among member states, as well as enhancing efforts to facilitate the movement of goods and services, ultimately aiming towards economic unity within the GCC.
HE the Secretary General’s statement came during his speech at the 67th meeting of the GCC Trade Cooperation Committee, held on Thursday (31 October 2024), in the Qatari capital, Doha, chaired by His Excellency Shaikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry in the State of Qatar and current President of the current session, with the attendance of Their Excellencies, the Ministers of Trade from the member states.
At the beginning of his address, HE the Secretary General expressed his highest appreciation and gratitude to His Highness Shaikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar and the current president of the Supreme Council of the GCC, and to the government and people of Qatar, for hosting the event and for the continued support and facilitation provided by the State of Qatar to ensure the success of the Cooperation Council's activities.
His Excellency also acknowledged the support and interest given to joint Gulf action by His Highness and Their Majesties and Highnesses, the leaders of the member states.
On this occasion, HE the Secretary General affirmed that the member states are diligently progressing towards completing the necessary steps to achieve Gulf economic integration while simultaneously working to establish strategic relationships with various countries and international economic groups across different sectors, including trade. In this context, he noted that the agenda for the esteemed committee includes a ministerial meeting of the trade and economy ministers between the member states and China, scheduled for 2025 in Kuwait, the presidential country for the coming year, explaining that the meeting will follow the joint statement between both sides that outlines these sessions to be held every two years, alternating between the Gulf side and the Chinese side. His Excellency also confirmed that a forum on economic and trade cooperation will be organised on the sidelines of this ministerial meeting, and ongoing efforts and coordination are in place to collaborate with several key countries for the GCC in various economic fields.
Moreover, HE the Secretary General also highlighted the commendable progress in cooperation and integration within the economic sectors of the member states and their follow-up actions on implementing decisions and recommendations. He noted that they have achieved many significant accomplishments, strengthening their status as a global financial, investment and economic centre.
Elaborating further, His Excellency stated: “Continuous and intensive efforts are being made to address global economic challenges and to accelerate the pace of work on economic and developmental projects. This progress is largely due to the efforts of the respected Trade Cooperation Committee to enhance collaboration and integration among the member states, in alignment with the directives of the GCC leaders.”
HE the Secretary General also indicated that cooperation in trade has led to substantial achievements, opening wide horizons in many economic fields between the member states and with the world at large. In this regard, he said: “The GCC's GDP for 2023 is approximately USD 2.1 trillion, which places it among the advanced nations in terms of GDP size, while the total assets of the GCC sovereign wealth funds amount to around USD 4.4 trillion, accounting for 34 percent of the total assets of the world's top 100 sovereign wealth funds. Furthermore, the total volume of intra-GCC trade for 2022 exceeded USD 127 billion, and the overall trade volume, excluding intra-GCC trade, surpassed USD 1.5 trillion. Together, these economic indicators clearly highlight the substantial opportunities available, necessitating further efforts to develop joint Gulf work across all trade areas.”
In conclusion, His Excellency expressed his aspiration to increased cooperation and coordination to achieve more benefits and to create unified and substantial economies that will have a significant impact on the global economy, ultimately benefiting the peoples of the GCC and driving prosperity.