Saudi Arabia calls on GCC to speed up establishment of customs union, common market

RIYADH: Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan called on Gulf countries to complete the establishment of a customs union, and implement the Gulf common market, to achieve economic unity by 2025.
He was speaking during the 115th extraordinary meeting of the Financial and Economic Cooperation Committee in Riyadh, with Gulf Cooperation Council member state counterparts also in attendance.
The meeting was chaired by Al-Jadaan with the participation of GCC Secretary-General Nayef Al-Hajraf, and a number of officials and specialists.
Al-Jadaan said the Kingdom was keen to redouble efforts to implement King Salman’s vision of promoting joint Gulf action, a statement released by the Saudi Press Agency said.
He stressed the importance of overcoming obstacles by achieving a qualitative leap in cooperation and a consensus among the GCC states at all levels, praising the role of the General Secretariat in expanding ties in line with global developments and long-term strategies of GCC members.
Al-Jadaan added that vigorous steps were being taken to achieve coordination, integration and interdependence among GCC member states in all fields.
During the meeting, the attending ministers reviewed progress on strengthening financial and economic cooperation between GCC states.
They were briefed on the economic decisions issued by the Supreme Council in its 42nd session and a plan to complete the remaining steps for establishing the customs union before the end of 2024, as well as recommendations made by the Customs Union Authority and the Gulf Common Market Committee.
The committee meeting is held periodically to discuss matters of economic progress and developments in legislation and economic measures adopted by GCC members to achieve long-term common strategic interests.

Saudi Arabia calls on GCC to speed up establishment of customs union, common market