GCC economic recovery on track
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa has affirmed that the meetings of the GCC Financial and Economic Cooperation Committee focused on accelerating intra-GCC trade and moving steadily towards achieving the best results to achieve economic recovery.
This came in a press conference held on the sidelines of the 114th meeting of the Financial and Economic Cooperation Committee in the Gulf States, which was held in Bahrain yesterday and will end today.
Shaikh Salman announced the launch of the electronic window “GCC Takamul”, which aims to address inquiries, observations and suggestions regarding the Gulf common market.
He added that its launch comes as a confirmation of the importance of the current stage, and the remarkable progress witnessed by the Gulf common market.
The minister noted that the window will be made available to all citizens of the region who benefit from the GCC common market tracks and have the right to submit inquiries, observations and proposals with ease through the website of the GCC General Secretariat.
Shaikh Salman indicated that the results of the free trade negotiations between the GCC countries and the various international blocs were reviewed.
Free-trade agreements
Negotiations are taking place with several countries to sign free-trade agreements with the bloc of Gulf countries to enhance investments in the region.
He also indicated that the finance ministers of the GCC countries were briefed on the financial initiatives presented by Saudi Arabia during its presidency of the G20 2020.
Shaikh Salman indicated that these meetings came as a continuation of what was achieved by the joint Gulf action in the financial and economic field, which contributed to supporting the regional development paths, expressing his happiness at the resumption of the meetings for the first time since the start of the coronavirus pandemic.
Advanced negotiations
Industry, Trade and Tourism Minister Zayed Al Zayani revealed the existence of advanced negotiations by the Gulf negotiating team to sign free-trade agreements with blocs and international countries, expecting that it will conclude one of the deals at the end of this year or early next year.
At the press conference held on the sidelines of the Gulf Economic and Financial Cooperation Committee meeting, Al Zayani said the negotiating team was established nearly six weeks ago, headed by Saudi Abdul Rahman Al Harbi.
The team is negotiating with countries and global blocs to sign free-trade agreements to open more global markets for Gulf goods and merchandise and raise the share of the region in the global GDP, which currently stands at 5%.
Al Zayani indicated that the negotiating team is currently engaged in advanced negotiations with seven countries, and it is expected to be signed with one of them during the remainder of this year or the first quarter of next year at the latest.
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