Doha: The State of Qatar Chaired the 6th Meeting of the Permanent Preparatory Committee at the Ministerial Level of the Economic and Development Affairs Authority of the Gulf Cooperation Council (GCC). HE Minister of Finance Ali bin Ahmed Al Kuwari presided over the meeting, in the attendance of Their Excellencies the Ministers of Finance and Economy in the GCC countries. The meeting covered several topics, including the stages of economic integration in the GCC countries, developments in building the Gulf economic model, and the roadmap for economic unity projects. Additionally, the report on negotiations regarding free trade and the Gulf common market was reviewed. In his opening speech, HE Ali bin Ahmed Al Kuwari welcomed Their Excellencies the Ministers and the participating delegations, stating that this meeting aims to enhance economic and development cooperation and integration among the GCC countries. His Excellency said that over the past years, the GCC countries have proven their ability to face challenges and achieve significant accomplishments financially and economically, adding that this meeting aims to solidify this record of successes through deepening cooperation on the most important issues to the Council. HE the Minister of Finance pointed out that the latest International Monetary Fund estimates indicate that the global economy is expected to grow by 3.2 percent in 2024 and 3.3 percent in 2025, with a continued decline in global inflation from 5.9 percent in 2024 to 4.5 percent in 2025, maintaining the same pace as in previous years despite the noticeable rise in interest rates. Minister Al Kuwari added that the economic growth rate of the GCC countries is expected to rise to 4.7 percent in 2025, compared to a projected growth of 2.4 percent for this year. His Excellency said that this growth rate is good compared to that of 2023, which witnessed a relatively weak performance due to reduced oil production as part of efforts to support prices. HE the Minister of Finance added that non-oil sectors are expected to continue achieving positive growth rates, supported by spending on development plans, in accordance with national strategies and investments in infrastructure, along with the growing role of the private sector. His Excellency said that in order to maintain this positive future trajectory, initiatives for economic diversification must continue, in addition to enhancing competitiveness by updating laws and regulations with the goal of fostering competition, which in turn would attract more foreign investments. Minister Al Kuwari noted the importance of the items on the meeting's agenda, including those raised by committees and working groups that have been diligently working to overcome difficulties, find solutions, and bridge viewpoints, adding that participants are looking forward to making the decisions that will enhance economic integration on the path of achieving economic unity among the GCC countries, overcoming the difficulties and obstacles facing joint Gulf work, increasing b enefit for GCC citizens, and ensuring sustainable growth and building strong economies capable of adapting to global changes and supporting development. For his part, HE Secretary-General of the GCC Jasem Mohamed Albudaiwi thanked the State of Qatar for hosting the meeting and for facilitating and supporting joint GCC's work and its success, in line with the directives of Their Majesties and Highnesses the leaders of the GCC countries and the aspirations of their peoples for further integration, cooperation, and unity. Albudaiwi added that these directives always focus on enhancing the diligent and continuous efforts to advance the GCC's work, achieve numerous joint projects, and reap the benefits of the accomplished work. His Excellency pointed out that the 44th session of the Supreme Council of the GCC, directed the relevant authorities in member states, the GCC Secretariat-General, as well as the ministerial and technical committees to double their efforts in order to meet the requirements for the custo ms union, finalize the establishment of the common Gulf market in accordance with previous council decisions, and expedite reaching economic unity among member states. HE the Secretary-General of the GCC said that the development of the GCC region represents a qualitative leap and has received the interest of countries around the world thanks to member states' promising economic and trade opportunities, their rapidly accelerating economic growth, supportive business climate, and their government initiatives to attract entrepreneurs and investors. Albudaiwi said that the challenges arising from global economic trends amid the current political crises, which have impacted the region's countries, necessitate responding to these challenges and taking all necessary measures to address and mitigate their impacts. His Excellency said that through its wise policies, the GCC has proven its ability to overcome numerous challenges amid the toughest of conditions. Source: Qatar News Agency
Tuesday, November 05, 2024