GCC chief praises bloc's efforts to boost intra-trade ties
KUWAIT - Gulf Cooperation Council (GCC) states have made tangible progress towards greater trade and industrial relations within the six-member bloc, its chief Jassim Al-Budaiwi said on Wednesday, citing the matter as among the region's perennial goals.
These efforts are in line with the "visions" of GCC leaders that aim to strengthen cooperation among member states, he told a ministerial-level gathering of the bloc's Industrial Cooperation Committee, saying that improving the flow of goods and services was a step towards "economic integration."
He went on to speak of Gulf Arab states' growing clout across political and economic circles, citing international indicators and data that show the meteoric development seen in the wider Gulf Arab region, singling out Kuwaiti contribution towards pushing forward the " joint work" of GCC countries.
At a time where economic challenges are widespread, the GCC chief said that even in times of adversity, the Riyadh-based bloc has always managed to overcome even the most insurmountable of obstacles, attributing such success to the "wisdom" of its political leaders.
The volume of bloc-wide trade in 2023 surpassed USD 131 billion, which equates to a growth rate of 3.3 percent, he said, while the volume of GCC foreign trade surged to USD 1.5 trillion in the same period, added the bloc's chief, underlining that "economic indicators" point to "promising" opportunities for greater trade cooperation within the bloc.
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