GCC Ministers of Commerce Meet in Doha to Boost Economic Collaboration

Qatar, 1 November, 2024 : Doha hosted a consultative meeting on Thursday with ministers of commerce and heads of chambers of commerce from the Gulf Cooperation Council (GCC) countries. Qatari Minister of Commerce and Industry Sheikh Mohammad bin Hamad highlighted the meeting's importance as a platform for discussing challenges facing the private sector in the Gulf region.

Sheikh Mohammad emphasized the vital role of the GCC private sector in driving economic growth and development, noting that the region's economy ranks among the top ten largest globally, according to the International Monetary Fund. He expressed optimism about addressing the private sector's challenges to maintain progress and achievement.

Faisal Al Rawas, Chairman of the Federation of GCC Chambers, reinforced the leaders' commitment to enhancing coordination with the private sector, underlining its critical role in realizing development and economic integration goals. Al Rawas noted the World Bank's forecast of a 3% growth rate in 2024, driven by a robust non-oil economy.

GCC Secretary-General Jasem Al-Budaiwi stated that leaders are focused on transitioning from cooperation to union, highlighting that the GCC's combined GDP reached USD 2.1 trillion in 2023. He also pointed out that intra-GCC trade exceeded USD 127 billion in 2022, underscoring the need for continued efforts to enhance joint commercial and financial initiatives.

Source : www.zawya.com