Industry Minister chairs 71st meeting of GCC Committee for Commercial Cooperation

Manama, Oct. 7 (BNA): Abdulla bin Adel Fakhro, Minister of Industry and Commerce, chaired the 71st meeting of the Committee for Commercial Cooperation of the Gulf Cooperation Council (GCC), held in Bahrain.

Jassim Mohammed Albudaiwi, Secretary-General of the GCC, and the GCC Ministers of Commerce participated in the meeting.

The Minister emphasised the importance of strengthening trade cooperation and integration among GCC countries to support intra-GCC trade, enhance the business environment, and advance Gulf economic integration.

Fakhro noted that the meeting comes amid rapid economic and trade developments and regional and international challenges, underscoring the need to enhance coordination and joint efforts to safeguard the interests of GCC countries, strengthen economic stability, and adapt to global developments.  He also highlighted the importance of facilitating trade flows, ensuring supply-chain continuity, and capitalising on emerging global economic and trade opportunities.

The Minister noted the significant growth in trade exchange among GCC countries since the establishment of the Customs Union, reflecting progress in Gulf economic integration and strengthening the GCC’s economic, commercial and negotiating position regionally and internationally.  He stressed the importance of further developing trade cooperation, supporting the private sector, encouraging investment, and expanding markets for Gulf products and services to promote sustainable economic growth.

The meeting discussed several agenda items aimed at strengthening GCC trade cooperation and integration, facilitating intra-GCC trade, addressing related challenges, developing the business environment, and enhancing the competitiveness of Gulf products.