Al-Rifai: Urgent measures and policies to address the economic and commercial impacts of the closure of "Hormuz"

The 42nd Ministerial Meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC) commenced yesterday in the Republic of Turkey, held from November 2 to 3, 2026. The meeting was opened by His Excellency Cevdet Yılmaz, Vice President of Turkey, representing President Recep Tayyip Erdoğan, who also serves as President of COMCEC. The Kuwaiti delegation was led by Mr. Dr. Yaqoub Al-Sayed Yousef Al-Rafai, Minister of Finance and Chairman of the Arab Group of COMCEC, representing His Highness the Prime Minister, Sheikh Ahmad Abdullah Al-Jaber Al-Sabah. Also in attendance were His Excellency Mohammed Marzouq Al-Shobaki, Ambassador of the Republic of Turkey to Kuwait; His Excellency Khaled Badr Al-Khalifa, Consul General of Kuwait in Istanbul; the Secretary-General of the Organization of Islamic Cooperation (OIC); the ministers heading the delegations of OIC member states; and the President of the Islamic Development Bank.

The current ministerial session focuses on governmental efforts to develop effective trade finance instruments to boost exports among OIC member states.

In his address, His Excellency the Minister of Finance and Chairman of the Arab Group of COMCEC stated that the repeated attacks targeting the Kingdom of Saudi Arabia and several Gulf Cooperation Council (GCC) countries, as well as other Arab and Islamic nations within the OIC, pose a threat to regional security and stability. These incidents have cast a shadow over the global economy and supply chains due to the closure of the Strait of Hormuz, affecting countries worldwide. He emphasized Kuwait’s full solidarity with the affected member states, underscoring the need for urgent measures and policies to address the resulting economic and trade impacts.

He further noted that while intra-OIC trade holds significant potential given the bloc’s resources and the genuine demand in target markets, recorded indicators and figures reveal real challenges, particularly in trade finance for small and medium-sized enterprises (SMEs), which form the backbone of national economies.

During the meeting, several topics related to developing effective trade finance instruments to increase exports in OIC member states were discussed. Additionally, several technical reports, recommendations, and action plans were adopted for the sectors of trade, transport and communications, agriculture, tourism, financial cooperation, poverty alleviation, and digital transformation, under the working groups of COMCEC, aiming to achieve sustainable economic and social development among OIC member states.