Kuwait city: The Board of Directors of the Federation of Gulf Chambers convened for its 67th meeting at the headquarters of the Kuwait Chamber of Commerce and Industry (KCCI) to discuss the Gulf Guarantee Project and the estimated annual budget for 2026. The meeting also marked the unveiling of the new logo for the Federation's General Secretariat.
According to Kuwait News Agency, the gathering was followed by the 14th periodic consultative meeting involving Ministers of Commerce and Industry alongside chairpersons from chambers and federations of GCC member states. The Gulf Guarantee Project aims to streamline the movement of goods in transit within the GCC, facilitating entry at the first point in any member state and allowing passage through others with customs clearance only at the final destination. This procedure eliminates the requirement for submitting documents or payment of taxes and fees during transit.
The KCCI press statement highlighted discussions on various agenda items, including the membership and operational mechanisms of sectoral committees. The meeting is part of ongoing GCC efforts to achieve a new level of economic integration, focusing on innovation, digital transformation, and resource sustainability amid rapid global changes. The statement also noted that GCC countries are undergoing significant transformations in diversifying their economies, enhancing food and energy security, and developing human resources. There is a shared belief in the unity of purpose and destiny, with the economic integration of member states being a key factor for sustained prosperity and stability.