Bahrain: Joint Gulf action a strategic necessity to face rapid challenges and transformations

Manama, January 1 (KUNA) – The Kingdom of Bahrain affirmed on Thursday that joint Gulf cooperation is a strategic necessity to confront intertwined challenges and rapid transformations affecting market stability, energy security, supply chains, and the flow of trade and investment in the region and worldwide. This was stated in a speech by Bahrain’s Minister of Finance and National Economy, Sheikh Salman bin Khalifa Al Khalifa, while presiding over the 126th meeting of the Committee for Financial and Economic Cooperation of the Gulf Cooperation Council (GCC) countries, attended by the finance ministers of GCC states and GCC Secretary-General Jasem Al-Budaiwi.

Sheikh Salman expressed Bahrain’s pride in hosting the meeting, commending Al-Budaiwi and the GCC Secretariat-General for their efforts in preparing and organizing the event. He noted that GCC countries, through the wisdom of their leadership and shared vision, successfully confronted Iranian aggression and its repercussions on the economy and international navigation. He added that their fraternal ties and strong economic and financial foundations enabled them to overcome challenges and continue development.

He emphasized that financial and economic cooperation among GCC states constitutes a fundamental pillar for consolidating Gulf integration, stressing the importance of continuing efforts to expand the network of free trade agreements with countries and international groups, thereby enhancing trade exchanges and opening broader horizons for economic cooperation with partners worldwide. He welcomed the progress achieved in concluding technical negotiations for the free trade agreement with the United Kingdom, expressing optimism about completing the necessary procedures for its final signing, alongside advancing agreements whose technical negotiations have been completed with several friendly countries.

He pointed out that the rapid geopolitical, economic, and technological transformations witnessed globally, along with their associated challenges affecting stability, energy security, supply chains, and international trade, underscore the importance of continuing to develop financial coordination mechanisms and economic integration among GCC states.

The meeting’s agenda included discussing several topics supporting GCC economic integration pathways, including the outcomes of meetings of the central bank governors of GCC countries, the Customs Union Authority, and meetings of heads and directors of tax administrations, as well as developments in the Common Market. It also included briefings on other issues, such as measures taken in light of current circumstances and combating harmful practices in international trade.

Additionally, the meeting covered the progress of free trade agreement negotiations between GCC countries and other countries and international groups, updates on the ratification of the payment linkage system agreement among GCC states, and follow-up on the implementation of joint financial and economic decisions. (End) K.N.A. / A.M.S.