Yaqoub Al-Rafai: Closure of the Strait of Hormuz Casts a Shadow on the Global Economy and Supply Chains
Al-Rafai affirmed Kuwait's solidarity with affected countries and called for urgent measures to address economic repercussions.
Translated by Qiyas from الراي — Original source
- Kuwait expresses solidarity with countries affected by the attacks and calls for urgent measures to address their economic repercussions
- Attacks on Gulf states threaten the region’s security and stability
- Kuwait calls for the development of trade finance instruments and an increase in exports among OIC member states
- Trade finance challenges hinder the growth of small and medium-sized enterprises in OIC member states
Dr. Yaqoub Al-Rafai, Representative of His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, Minister of Finance, and Chairman of the Arab Group of COMCEC, affirmed that the repeated attacks targeting the Kingdom of Saudi Arabia and several Gulf Cooperation Council (GCC) countries, as well as Arab and Islamic member states of the Organization of Islamic Cooperation (OIC), pose a threat to the region’s security and stability. These attacks also cast a shadow over the global economy and supply chains, particularly in light of the closure of the Strait of Hormuz and its repercussions affecting countries worldwide.
This statement was made by Al-Rafai during his address while leading the Kuwaiti delegation at the 42nd Ministerial Meeting of the Standing Committee on Economic and Trade Cooperation (COMCEC) of the OIC, which commenced today in the Republic of Turkey and will continue until November 3, 2026.
Al-Rafai reaffirmed Kuwait’s full solidarity with member states that have been targeted by these attacks, emphasizing the necessity of adopting urgent measures and policies to counter the economic and trade repercussions, and to mitigate their impact on national economies and supply chains.
He added that intra-trade among OIC member states, despite their potential and resources, and the genuine demand observed in targeted markets, still faces real challenges reflected in recorded indicators and figures, particularly regarding the provision of trade finance for small and medium-sized enterprises (SMEs), which constitute a fundamental pillar of the economies of member states.
The Deputy President of the Republic of Turkey, Cevdet Yilmaz, representing President Recep Tayyip Erdogan, who is also the President of COMCEC, opened the meeting. The Kuwaiti delegation was led by Minister of Finance Dr. Yaqoub Al-Rafai, with Kuwait’s Ambassador to Turkey, Marzouq Al-Shobok, and the Kuwaiti Consul General in Istanbul, Khaled Al-Khalifa, in attendance, alongside the OIC Secretary-General, several ministers, heads of delegations from member states, and the President of the Islamic Development Bank.
The current ministerial meeting focuses on government efforts to develop effective trade finance instruments, aiming to enhance exports among OIC member states.
These discussions are part of the work of the Standing Committee on Economic and Trade Cooperation committees, with the goal of strengthening cooperation among member states and supporting sustainable economic and social development pathways.
The Standing Committee on Economic and Trade Cooperation (COMCEC) is one of the primary platforms for economic and trade cooperation among OIC member states. It was established by decision of the Third Islamic Summit Conference in 1981, with its presidency assigned to the President of the Republic of Turkey.
The committee comprises the finance and economy ministers of member states and works to examine economic and trade issues at the international and regional levels, study their implications for member states, and coordinate efforts to enhance economic and trade cooperation and support joint development.
