Riyadh: A Saudi delegation concluded its participation in the 66th meeting of the Gulf Cooperation Council (GCC) Committee for Trade Cooperation. The delegation was headed by Minister of Commerce and Chairman of the Board of Directors of the General Authority for Foreign Trade Dr. Majid bin Abdullah Al-Qasabi, in the presence of GCC Secretary-General Jasem Mohamed Al-Budaiwi and GCC commerce ministers.

The meeting, held today in Doha, discussed developments on the negotiations of free-trade agreements with other countries and international blocs, as well as updates on addressing intra-GCC trade challenges, projects related to the committee for small and medium enterprises and entrepreneurship, and commercial laws in the GCC countries. The attending ministers and officials were briefed on the reports of the secretariat regarding the subcommittees’ activities and the follow-up on the implementation of previous decisions.

Al-Qasabi participated in the seventh meeting of the GCC Ministerial Committee for Standa
rdization Affairs, which aims to enhance cooperation among member states in various standardization fields to support intra-GCC trade and stimulate economic growth.

The meeting reviewed the progress of work in the GCC Standardization Organization as well as the implementation of decisions made in previous meetings.

The meeting saw the adoption of 17 new draft technical standards and the transformation of 39 existing technical regulations into GCC standards, a step that reflects ongoing efforts to update and develop the GCC standardization framework.

The meeting approved the final financial statement for the fiscal year 2023, affirming the transparency of the financial and administrative operations of the organization.

Al-Qasabi stressed the importance of economic integration, knowledge exchange, and expertise sharing in enhancing the competitive capacity of GCC markets to access global markets.

On the sidelines of the meeting, the minister met with Kuwaiti Minister of Commerce and Industry Abdullah bin H
amad Al-Jouaan over means to further enhance cooperation and partnership in various fields.

The trade volume between the Kingdom and other GCC countries reached SAR208 billion in 2023, accounting for some 10.5% of the Kingdom’s trade volume with the world.

Source: Saudi Press Agency