GCC ministers stress economic integration and global positioning

KUWAIT: Minister of Electricity, Water and Renewable Energy, Minister of Finance, and Acting Minister of State for Economic and Investment Affairs Dr Sabeeh Al-Mukhaizeem on Thursday underlined the need to advance Gulf cooperation and implement joint decisions to strengthen integration and enhance the GCC’s position in the global economy.

Speaking at the 7th meeting of the Permanent Preparatory Committee at the ministerial level of the Gulf Cooperation Council (GCC) Authority of Economic and Development Affairs, Dr Al-Mukhaizeem noted that the current phase is marked by rapid regional and global economic changes, calling for intensified coordination and the mobilization of resources to diversify income sources and support national strategies in line with the collective GCC vision for a unified and prosperous future. He described the meeting as a platform to exchange ideas, review developments in GCC economic policies, address external challenges, and coordinate Gulf positions on global economic issues, stressing the importance of unifying efforts to translate the GCC leaders’ aspirations into tangible economic and development outcomes.

Dr Al-Mukhaizeem highlighted the meeting’s role in advancing joint Gulf action, promoting economic and development cooperation, achieving Gulf economic unity, removing obstacles to implementing GCC resolutions, deepening integration, and fulfilling the requirements of the Gulf common market. He also emphasized the pivotal role of the Authority and its Executive Office at the General Secretariat in supporting these objectives through studies, plans, performance indicators, strategic projects in economic modeling, development foresight, and capacity-building to keep pace with global economic transformations.

The Seventh Meeting of the Permanent Preparatory Committee at the Ministerial Level of the Economic and Development Affairs Authority. – KUNA photos

In his address, GCC Secretary-General Jasem Al-Budaiwi stressed the council’s commitment to comprehensive cooperation, particularly in economic and development fields, highlighting the importance of coordination, integration, and interconnectedness among member states, as well as deepening collaboration between their peoples. He underscored the committee’s continuous meetings as a means to provide a holistic vision for coordination, integration, and the implementation of initiatives and projects, accelerating the resolution of obstacles affecting GCC decisions, agreements and regulations.

Al-Budaiwi pointed to the bloc’s strong economic indicators, noting that the GCC’s GDP at current prices reached approximately $2.3 trillion last year, ranking ninth globally. He added that GCC sovereign wealth funds hold assets of around $4.8 trillion, representing more than 32 percent of the total assets of the world’s 100 largest sovereign wealth funds. The GCC countries also lead globally in crude oil production, exceeding 16.1 million barrels per day, and hold the largest crude oil reserves at about 512.1 billion barrels.

“These figures are more than statistics,” he said. “They reflect the depth of economic and developmental integration among GCC states, the fruits of wise policies since the GCC’s inception, and our effective role at the regional and global levels in shaping the course of the world economy.”

The meeting addressed key economic and development issues, including the timetable and action plan for achieving Gulf economic unity, completing the customs union, and advancing initiatives under the Gulf economic unity roadmap. It also reviewed reports on Gulf economic integration indicators, negotiations of free trade agreements with international partners, and the importance of a unified negotiating position to serve GCC economic interests. The discussions highlighted current economic developments, opportunities, and challenges, emphasizing the need for strengthened joint action and integrated policies among member states. — KUNA