Kuwait participates in the 126th meeting of the GCC Financial and Economic Cooperation Committee in Manama - Sarmad
(KUNA) – Kuwait participated in the 126th meeting of the Financial and Economic Cooperation Committee of the Gulf Cooperation Council (GCC) in Manama today, Thursday, with a delegation headed by Minister of Finance Dr. Yaqoub Al-Rafai.
The meeting, hosted by the Kingdom of Bahrain and chaired by Bahrain’s Minister of Finance and National Economy Sheikh Salman bin Khalifa Al Khalifa, was attended by the finance and economy ministers of the GCC member states and GCC Secretary-General Jasem Al-Budaiwi. It aims to strengthen financial and economic cooperation and coordination among GCC states and support the progress of joint Gulf cooperation.
The Committee reviewed recommendations submitted by the Committee of Central Bank Governors, the GCC Customs Union Authority, and the Common Market Committee, alongside the latest developments in negotiations on free trade agreements between the GCC and other international countries and groups, in order to advance the region’s economic integration efforts.
The Committee emphasized the importance of accelerating financial and economic integration among GCC member states and enhancing the alignment of customs and tax policies to facilitate trade and investment, improve the efficiency and resilience of supply chains, bolster the competitiveness of the Gulf economy, and create a more integrated economic environment capable of adapting to international economic changes and challenges.
On the sidelines of the Financial and Economic Cooperation Committee meeting, a joint session was held with the finance and economy ministers of the GCC member states, the central bank governors, the GCC Secretary-General, and International Monetary Fund (IMF) Managing Director Kristalina Georgieva. Georgieva presented a report titled “Economic Outlooks and Policy-Related Challenges in the GCC and Enhancing Economic Resilience in the Face of Geopolitical Shocks.”
The report outlined key policy-related challenges and ways to strengthen economic resilience and enhance the GCC states’ capacity to confront geopolitical shocks and their repercussions, thereby supporting stability and sustainable economic growth in the region.
The meeting also discussed several papers and topics, including the economic outlook and policy-related challenges, resilience and economic security in the GCC, digital assets in the GCC states—examining current realities, opportunities, and financial risks.
The joint meeting comes within the framework of enhancing the regional and international presence of the GCC states, reflecting their commitment to supporting international dialogue and coordination on priority financial and economic issues.
During its participation in the Financial and Economic Cooperation Committee meeting, Kuwait reaffirmed its commitment to continuing support for joint Gulf economic cooperation and strengthening cooperation and integration frameworks among GCC member states, contributing to achieving sustainable development goals and consolidating the Gulf system’s position as an integrated economic bloc capable of keeping pace with global economic transformations and capitalizing on future opportunities.
