GCC Secretary General: Completion of the Customs Union and Common Market will enhance the competitiveness of member states' economies

Manama, October 11 (KUNA) -- Secretary-General of the Gulf Cooperation Council (GCC) Jasem Al-Budaiwi said here on Sunday that accelerating the paths toward economic unity and completing the customs union and the Common Market of the Gulf Cooperation States are pillars for enhancing the competitiveness of the Council’s economies, strengthening their capacity to face global changes, and achieving sustainable development.

This statement was made by Al-Budaiwi during the 10th meeting of the Permanent Preparatory Committee at the ministerial level of the Economic and Development Affairs Authority of the GCC states. The meeting was chaired by Bahrain’s Minister of Finance and National Economy, Sheikh Salman bin Khalifa Al Khalifa, and attended by members of the Permanent Preparatory Committee at the ministerial level of the Economic and Development Affairs Authority of the GCC states, including the Minister of State for Economic Affairs and Investment and Acting Minister of Commerce and Industry, Abdulaziz Al-Marzouq.

Al-Budaiwi stated that the Permanent Preparatory Committee at the ministerial level of the Economic and Development Affairs Authority of the GCC states is gaining increasing importance in supporting and monitoring these projects through policy-making, initiatives, and practical projects, thereby achieving tangible impact on the process of economic integration among GCC states.

The Secretary-General added that the meeting takes place amid rapid economic and geopolitical changes, which underscore the importance of enhancing coordination and integration among GCC states, raising their joint capacities and integration, anticipating changes and their repercussions, and dealing with them efficiently and flexibly. This approach aims to mitigate the impact of these changes on the economies of GCC states, enhance their readiness and resilience, and improve their ability to adapt and respond.

He also highlighted the importance of leveraging the effects of these developments to support growth and economic diversification, enhance competitiveness, support localization programs, and achieve sustainable development. This is particularly significant given that the leaders of GCC states – may God protect and guard them – emphasized during their consultative meeting held in Jeddah on April 28, 2026, the importance of accelerating the attainment of the desired economic integration, including completing the requirements for reaching the final stage of the customs union, implementing the targets of the Common Market of the Gulf Cooperation States on the ground, and speeding up the execution of the railway project.

During his speech, Al-Budaiwi pointed to several economic indicators confirming the resilience of GCC economies and the progress made in diversification and economic integration paths, according to statistics issued by the Gulf Cooperation Council Statistical Center for 2025. The gross domestic product (GDP) of GCC states at current prices reached approximately 2.4 trillion US dollars, making the GCC collectively the ninth-largest economy in the world.

He noted that, at the same time, the non-oil sector’s contribution accounted for about 79 percent of GDP, reflecting progress in diversifying the economic base. Furthermore, the volume of intra-GCC trade, measured by the value of intra-GCC exports, exceeded 177 billion US dollars, recording a growth rate of 125 percent compared to 2007, which reflects the significant role of the Common Market of the Gulf Cooperation States.

He added that the balance of intra-GCC investments exceeded 171 billion US dollars, representing more than 21 percent of the total balance of foreign direct investment inflows to GCC states. (End) K.N.A / N.S.A