Jassem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), participated in the 120th meeting of the GCC Financial and Economic Cooperation Committee held in Oman.
The meeting was chaired by Sultan bin Salim Al Habsi, Omani Minister of Finance and Chairman of the current session, in the presence of the Committee members.
The secretary general stated that in implementation of the directives of the leaders of the GCC countries to consolidate the foundations and regulations of the Gulf economic structures, the GCC Financial and Economic Cooperation Committee approved several regulations and resolutions that will contribute to accelerating and increasing the economic integration of the GCC countries.
He conveyed to His Majesty Sultan Haitham bin Tariq Al Said of Oman, and Chairman of the current session of the Supreme Council of the GCC, his gratitude for the efforts made by his country to strengthen the progress of the Council and support the joint Gulf action.
During his speech, the secretary general referred to the directives of the leaders of the GCC countries in their previous meetings, the most recent of which was their instructions in the 18th consultative meeting held in Jeddah last July, to focus on the economic aspects, especially completing the remaining steps to establish the GCC Customs Union and the GCC Common Market to reach economic unity in 2025.
Albudaiwi stressed that these directives from the leaders of the GCC countries come within the framework of their interest in advancing the path of the Cooperation Council and benefiting from the accomplishments achieved to serve the Council countries, their peoples and their well-being, in addition to achieving further coordination, integration and interdependence between the GCC countries, underlining the significance of comprehensive economic integration to achieve complete integration between any regional grouping, in line with the aspiration of the GCC countries leadership and peoples.
He stressed that the Cooperation Council countries are taking serious steps towards diversifying their income and not relying on natural sources as a source of income, at a time when steps have continued to enhance levels of economic diversification, and efforts to reform business environments, encourage investment, support the role of the private sector, and develop and support human capital.
The secretary general said this was reflected in the invitation of the UAE and Saudi Arabia to join the membership of Brazil, Russia, India, China, and South Africa (BRICS) group, and what resulted on the sidelines of the Group of 20 (G20) meetings in the establishment of the economic corridor linking India to Europe, passing through the GCC countries. He underscored the importance of these two prominent events and their positive repercussions on the Cooperation Council countries and the improvement of its regional and international economic standing.
The members of the GCC Financial and Economic Cooperation Committee expressed their appreciation to the General Secretariat for the achievements and efforts made, the latest of which has been accomplished by the GCC negotiating teams by signing the Free Trade Agreement between the Cooperation Council countries and the Islamic Republic of Pakistan.
Several key issues related to strengthening financial and economic cooperation between the GCC countries were discussed during the meeting.
The Committee was informed of the recommendations submitted to it by the GCC Committee of Central Bank Governors, the GCC Customs Union Authority, the GCC Joint Market Committee, and the progress of the programme to achieve economic unity between the GCC countries by 2025.
Source: Bahrain News Agency