GCC chief: Advancing customs union and common market key to economic competitiveness

GCC Secretary-General Jasem Mohammed Albudaiwi has stressed that advancing the customs union and common market among Gulf Cooperation Council (GCC) nations is crucial for enhancing their economic competitiveness. Albudaiwi told the tenth meeting of the standing ministerial preparatory committee of the GCC Economic and Development Affairs Authority in Manama, Bahrain, that accelerating economic integration and completing these initiatives will bolster member states' ability to adapt to global changes and achieve sustainable development.

He pointed to the importance of the standing ministerial preparatory committee, which is increasingly instrumental in supporting and monitoring projects that advance economic integration. Albudaiwi highlighted GCC economic indicators from 2025, including a combined nominal GDP of approximately $2.4 trillion, positioning the bloc as the world's ninth-largest economy.

The non-oil sector accounted for 79% of GDP, indicating a significant diversification of economic bases. Intra-GCC trade, valued at over $177 billion, showed a 125% increase since 2007, while intra-GCC investments exceeded $171 billion, representing more than 21% of total foreign direct investment received by the member states.