السعودية تختتم مشاركتها في اجتماع لجنتي التعاون التجاري والمعايير بدول مجلس التعاون الخليجي في الكويت
Summary of the 68th Meeting of the GCC Trade Cooperation Committee
The Saudi Arabian delegation concluded its participation in the 68th meeting of the Trade Cooperation Committee of the Gulf Cooperation Council (GCC), held recently in Kuwait. The delegation was led by Dr. Saad bin Othman Al-Qasabi, the Governor of the Saudi Standards, Metrology and Quality Organization, representing Dr. Majid bin Abdullah Al-Qasabi, the Minister of Commerce and Chair of the General Authority for Foreign Trade.
The meeting was attended by Jassem bin Mohammed Al-Budaiwi, the GCC Secretary-General, alongside trade ministers from various member states. A primary focus of the discussions was the evolving challenges of global trade and their implications for GCC countries. Topics included the latest developments in negotiations concerning free trade agreements with international nations and blocs.
One of the significant outcomes of the meeting was the endorsement of a uniform methodology for drafting trade legislation across the GCC. This approach aims to reflect global best practices in developing regulatory frameworks, enhancing their quality and ensuring consistency. The committee also reviewed updates on the implementation and preparation of commercial legal frameworks within the council, including deliberations regarding the newly established committee for investment agents across the GCC states.
Attendees assessed a report from the Secretary-General addressing the work of various subcommittees and the progress in executing previous decisions. Additionally, the annual report detailing the activities and accomplishments of the Commercial Arbitration Center for 2024 was presented.
The Saudi delegation also actively participated in the ninth meeting of the Ministerial Committee for Standardization among the GCC states. This meeting focused on reviewing the progress of the Gulf Standardization Organization and the implementation of prior agreements. The intent behind these discussions is to bolster collaboration among GCC nations in standardization efforts to support inter-GCC trade and drive economic growth collectively.
Dr. Al-Qasabi engaged in a consultative meeting with his counterparts, including Khalifa bin Abdullah Al-Askar, the Kuwaiti Minister of Trade and Industry, and Qais bin Mohammed Al-Yusuf, the Omani Minister of Trade, Industry, and Investment. These interactions underscore the commitment of GCC ministers to working closely together to foster regional commerce and innovation.
Moreover, the event featured a ceremony honoring Gulf inventors, signifying the importance of recognizing and promoting innovation within the region. This focus on invention and creativity is crucial for driving economic diversification and progress in member countries.
According to preliminary data for 2024, the trade exchange between Saudi Arabia and other GCC nations reached approximately 229 billion Saudi Riyals, reflecting a 10% increase compared to 2023. This growth underlines the resilience and expanding scope of trade relationships among GCC member states.
In summary, the recent assembly of the GCC Trade Cooperation Committee not only highlighted pressing trade challenges but also emphasized mutual efforts to strengthen legislative frameworks and standardization practices. The continued collaboration among member states is poised to enhance economic integration and foster a more robust regional economy, ensuring that the GCC adapts effectively to the evolving landscape of international trade.
