KUWAIT: Total trade exchange among Gulf Cooperation Council (GCC) countries reached $1.5 trillion in 2024, ranking sixth worldwide and representing 3.2 percent of total global trade, Assistant Secretary General for Economic and Development Affairs at the GCC Secretariat Khaled Al-Sunaidi said Wednesday. Speaking during the 61st preparatory meeting of GCC Undersecretaries of Ministries of Commerce, Al-Sunaidi noted that the GCC collectively ranked third globally in trade surplus, with a value of $110 billion, highlighting the region’s trade openness and the robustness of its economic structure.
He emphasized that intra-GCC trade is a key driver of economic diversification, competitiveness, and the expansion of investment and innovation opportunities. The volume of commodity trade between GCC countries is estimated at $146 billion in 2024, marking an annual growth rate of 9.8 percent compared to 2023, while non-oil goods recorded an average annual growth rate of 5.3 percent over the past decade.
Al-Sunaidi stressed that the future of GCC trade relies on deepening institutional and legislative integration through unified trade policies, modernized legal and regulatory frameworks, and streamlined movement of goods and services. He also highlighted the importance of digital transformation in the trade system, which aims to shift intra-GCC trade from a simple commodity exchange to a platform for productive and economic integration.
He explained that expanding intra-trade supports the utilization of comparative advantages and the creation of joint production and supply networks, consolidating Gulf economic integration as a key pathway to comprehensive and sustainable regional development. The General Secretariat also prioritizes negotiations for free trade agreements as strategic opportunities to enhance global market access, diversify trading partners, and attract high-quality investments, strengthening the GCC’s role as an active hub in international trade.
Al-Sunaidi expressed gratitude to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Chairman of the current session of the GCC Supreme Council, for Kuwait’s continued support in advancing joint Gulf initiatives. The 61st preparatory meeting addressed topics of common interest, including updates on free trade agreement negotiations with countries and international blocs, developments in GCC commercial laws, review of the Investment Agents Committee’s work, and matters related to the General Secretariat’s Patent Office. — KUNA
