GCC Secretary General Jasem Al-Budaiwi said Sunday that accelerating economic unity pathways and completing the Customs Union and the GCC Common Market constitute crucial pillars for bolstering the competitiveness of GCC economies.
Al-Budaiwi made the remarks while addressing the 10th Meeting of the Permanent Preparatory Committee at the Ministerial Level of the GCC Economic and Development Affairs Commission, held in Manama, chaired by Shaikh Salman bin Khalifa Al-Khalifa, Bahraini Minister of Finance and National Economy and Chairman of the current session, and attended by the members of the GCC Ministerial Preparatory Committee.
He added that this would also lead to consolidating the GCC member countries’ capacity to address global shifts, and achieving sustainable development. He underscored that the Permanent Preparatory Committee at the Ministerial Level of the Economic and Development Affairs Authority holds growing significance in advancing and following up on these projects through the formulation of policies, initiatives, and practical programmes that yield tangible results in the journey of economic integration among GCC member states.
He expressed his highest thanks, appreciation, and gratitude to King of Bahrain Hamad bin Isa Al-Khalifa, who is President of the current session of the GCC Supreme Council, for the Kingdom of Bahrain’s hosting of the meeting, and for the facilities and support extended to ensure the success of GCC endeavours. He also commended the steadfast support and attention accorded to joint GCC action by the Leaders of the GCC states across all fields.
He highlighted that the meeting convenes amid rapid economic and geopolitical shifts that underscore the imperative of bolstering coordination and integration among GCC states, elevating their collective capabilities, anticipating developments and their repercussions, and addressing them with efficiency and agility.
“This approach mitigates impacts on GCC economies while cementing economic readiness, resilience, and adaptability, in addition to leveraging these developments to support growth, economic diversification, competitiveness, nationalisation programmes, and sustainable development,” he stressed.
In this regard, he recalled that the GCC Leaders underlined during their Consultative Summit held in Jeddah on April 28, 2026, the necessity of accelerating the realisation of full economic integration, including completing the requirements for the final status of the GCC Customs Union, implementing the targets of the GCC Common Market on the ground, and expediting the execution of the GCC Railway project.
The GCC chief also reviewed several economic indicators affirming the strength of GCC economies and the progress achieved in diversification and economic integration, citing 2025 statistics released by the GCC Statistical Centre (GCC-Stat).
He noted that the GCC gross domestic product (GDP) at current prices reached approximately USD 2.4 trillion, positioning the GCC member states collectively as the ninth-largest economy globally.
He added that the contribution of the non-oil sector reached approximately 79 percent of GDP, reflecting marked progress in diversifying the economic base, while intra-GCC trade, measured by the value of intra-exports, exceeded USD 177 billion, recording a 125 percent growth compared to 2007.
Furthermore, the intra-GCC investment stock exceeded USD 171 billion, representing more than 21 percent of the total inward foreign direct investment (FDI) stock into GCC member states, he concluded.
— KUNA
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