Kuwait city: The Gulf Cooperation Council plans to ramp up efforts to ensure greater economic and trade integration within the six-member bloc, its chief Jasem Al-Budaiwi announced during the GCC trade cooperation committee talks in Kuwait. He emphasized that a robust and sustainable economy can only be achieved through increased cooperation and integration across the Riyadh-based bloc, with the aim of transforming member states into financial and investment hubs.
According to Kuwait News Agency, Al-Budaiwi attributed the varied accomplishments in the Gulf Arab region to the committee's diligence and perseverance, stressing the importance of eliminating impediments to smoother trade within the GCC. He highlighted official data showing that GCC member states reported a gross domestic product (GDP) worth USD 2.3 trillion in 2024, positioning the bloc as the ninth largest globally in terms of GDP value, which underscores the bloc's ongoing economic growth.
Al-Budaiwi further outlined the bloc's future goals, stating that increasing the region's industrial output and market value are key objectives. These efforts are seen as crucial to maintaining an upward trajectory in economic growth.