Recovery From COVID-19 Pandemic Requires Significant Efforts By Public, Private Sectors In GCC Countries: GCC Chief

DUBAI, (UrduPoint / Pakistan Point News / WAM - 09th Jun, 2021) Secretary-General of Gulf Cooperation Council (GCC) Dr. Nayef Falah Al-Hajraf, stated that the start of the recovery period from the economic effects of the coronavirus (COVID-19) pandemic, as well as the significant global economic growth, the lifting of related restrictions and lockdowns, the resumption of commercial activities and the surge in spending in many countries, require significant efforts by the public and private sectors in GCC countries if they wished to preserve the economic gains achieved before the pandemic and ensure their continued growth.

In his statement to the Emirates news Agency (WAM), on the sidelines of the 55th meeting of the Federation of GCC Chambers hosted by the UAE from 7th to 9th June, 2021, Al Hajraf said that the value of trade between GCC countries exceeded US$90 billion in 2019, which does not meet the aspirations of the GCC’s leaders and peoples.

There is an urgent need to encourage more trade between GCC countries, which constitute a market of over 58 million people with a combined GDP totalling some $1.590 trillion in 2019, he added while highlighting the private sector’s key role in increasing GCC trade.

He also affirmed the need to explore the challenges and obstacles facing the private sector in GCC countries, which are working together to overcome various challenges and create adequate appropriate solutions, to enhance the role of the private sector in supporting GCC exports.

He then noted the ongoing cooperation between the GCC Secretariat-General and the Federation of GCC Chambers, which formed a high-level joint action team that holds regular meetings to discuss and monitor all related issues.

The previous consultative meeting of the heads of federations and chambers of GCC countries and ministers of commerce took place on 4th November, 2020, and there are ongoing meetings with members of the GCC Customs Union Authority, he noted.

Al-Hajraf then highlighted the keenness of the leaders of GCC countries to enhance their overall cooperation, most notably in economic and development areas and stressed the importance of prioritising relevant strategic projects while expressing his appreciation for the significant efforts to hold the joint meeting.