The Gulf Cooperation Council has become a major global trader. Its total trade surged to $1.5 trillion recently. This massive figure secures the bloc’s sixth-place rank worldwide. Assistant Secretary General Khaled Al-Sunaidi announced this achievement. He spoke at a high-level GCC commerce meeting in Kuwait. The region now represents 3.2 percent of all global trade.
Additionally, the council holds a massive trade surplus. This $110 billion surplus ranks third globally. The number highlights the region’s strong economic fundamentals. It also underscores its remarkable trade openness. Intra-GCC trade drives economic diversification significantly. It also fosters greater competitiveness and innovation. Commodity trade between members hit $146 billion.
This figure shows a strong 9.8 percent annual growth rate. Non-oil trade also demonstrated consistent expansion. It grew by 5.3 percent annually for ten years. Future growth depends on deeper institutional integration. Unified trade policies are absolutely critical now. Modern regulatory frameworks will also help greatly. They will streamline cross-border goods movement.
Digital transformation is another key priority. It will shift trade beyond simple commodity exchange. Instead, it will create a platform for economic integration. Expanded trade uses comparative advantages properly. It also builds joint production and supply chains. This approach ensures sustainable regional development. The GCC actively pursues new free trade agreements.
These agreements enhance global market access for members. They also diversify international trading partnerships. Furthermore, they attract valuable high-quality investments. This strategy strengthens the GCC’s global economic role. Al-Sunaidi thanked Kuwait’s leadership for its support. This backing is vital for joint Gulf initiatives. The meeting covered several important common interests.
Delegates discussed ongoing free trade agreement negotiations. They also reviewed updates to GCC commercial laws. The Investment Agents Committee’s work was reviewed. Matters concerning the Patent Office were also addressed. The GCC has firmly established itself as a major global trader. Its strategic focus ensures continued economic influence. The bloc’s integration efforts promise a prosperous future.
