Riyadh, Saudi Arabia – The Gulf Cooperation Council (GCC) has approved several more regulations and resolutions as part of its bid to accelerate economic integration.
According to the GCC Secretary-General Jassem Mohamed Albudaiwi, the grouping at the 120th meeting of the GCC Financial and Economic Cooperation Committee in Muscat, took steps to complete the GCC Customs Union and the GCC Common Market to achieve economic unity by 2025.
The GCC countries are also actively diversifying their sources of income, reducing their reliance on natural resources, and focusing on economic diversification. As part of this effort, the grouping is involved in initiatives like joining the BRICS Group and participating in the establishment of an economic corridor connecting India to Europe through GCC countries. These initiatives are expected to boost the region’s economic standing.
The meeting also took note of the signing of a Free Trade Agreement between GCC countries and the Islamic Republic of Pakistan, paving the way for further agreements in the future. Discussions during the meeting revolved around strengthening financial and economic cooperation among GCC member states, including recommendations from various GCC committees and progress toward achieving economic unity by 2025.
