Allowing freedom of work and movement between GCC countries will be opened

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The complementary work also contributes to facilitating trade exchange and enhancing its effective position

Economist Dr. Nouf Al-Ghamdi said to “Previously” that the Gulf integrative work is based on liberalizing the movement of production factors, removing all trade barriers, coordinating economic policies and then unifying them, through stages that were embodied in the establishment of the free trade zone in 1983 and the Gulf Customs Union in 2003. And the Gulf Common Market in 2008.

She added: The Kingdom’s summits have always been change, transformation, and stress that the Council is greater than all the challenges, difficulties and obstacles, and that the GCC countries are able to achieve important results as an economic power.

And she added: The Gulf Cooperation Council is one of the most important economic groups in the world, due to the huge potential it possesses in several sectors, led by the energy and trade sector, as the GDP of the six countries combined reached about $ 1.64 trillion in 2019.

And she continued: It is certain that freedom of movement between the countries of the Gulf Cooperation Council has many economic effects, including: achieving equality in treatment among the citizens of the GCC countries, in all economic fields, and creating a single market in which the citizens of the GCC countries benefit from the opportunities available in the Gulf economy. Investing by increasing the citizens’ benefit from the opportunities available in the Gulf economy, opening a wider field for inter- and foreign investment, maximizing the benefits resulting from economies of scale, raising efficiency in production, and achieving optimal use of available economic resources.

It indicated: Among the effects is facilitating trade exchange as one of the most important objectives of the economic integration process, through the existence of an effective system for free trade exchange within the market area, and improving trade negotiations, by strengthening the negotiating position of the GCC states, and enhancing their effective and influential position among international economic groupings, and adopts The countries of the Gulf Cooperation Council have practical policies and a pragmatic and realistic application of economic integration projects that adopt the principle of incrementalism, which helps in setting goals and developing applicable programs.

Al-Eqtisadiah indicated: The GCC states are moving towards dealing with the world through an economic union that will build a very important entity and give the countries of cooperation a distinctive place on the map of global economic decision, at a time when the world is witnessing an increasing trend towards forming economic blocs and trade alliances bilaterally and regionally in accordance with the principles of trade liberalization And the free movement of goods without hindrances, which is economically beneficial to all parties. The GCC countries have a golden opportunity to enhance their commercial partnership through the common Gulf market in accordance with best practices in a way that will enhance the commercial weight of the GCC countries in the global trade arena and achieve sustainable growth rates for the economies of the GCC countries. Cooperat.

She concluded: The Gulf States bloc was previously ranked 13th among the world’s largest economies, while the Gulf Cooperation Council controls a large proportion of global oil production. The total spending of the GCC states in 2019 amounted to about $ 559.9 billion, while revenues reached $ 527.8 billion. Intra-commodity trade in the exports sector achieved about $ 91.3 billion, $ 151.3 billion for the trade balance, and oil exports reached $ 401.9 billion in the same year, according to the GCC Statistical Center data.

Non-oil exports for the year 2019 amounted to about $ 102 billion, and the re-export sector scored about $ 105.6 billion, and the volume of exports of goods and services amounted to about $ 961.1 billion, with an average per capita share of $ 28.9 thousand.
The Saudi economy

Economic by “Sabaq”: Allowing freedom of work and movement between GCC countries will open a promising market and support investment opportunities

Previously

Economist Dr. Nouf Al-Ghamdi said to “Previously” that the Gulf integrative work is based on liberalizing the movement of production factors, removing all trade barriers, coordinating economic policies and then unifying them, through stages that were embodied in the establishment of the free trade zone in 1983 and the Gulf Customs Union in 2003. And the Gulf Common Market in 2008.

She added: The Kingdom’s summits have always been change, transformation, and stress that the Council is greater than all the challenges, difficulties and obstacles, and that the GCC countries are able to achieve important results as an economic power.

And she added: The Gulf Cooperation Council is one of the most important economic groups in the world, due to the huge potential it possesses in several sectors, led by the energy and trade sector, as the GDP of the six countries combined reached about $ 1.64 trillion in 2019.

And she continued: It is certain that freedom of movement between the countries of the Gulf Cooperation Council has many economic effects, including: achieving equality in treatment among the citizens of the GCC countries, in all economic fields, and creating a single market in which the citizens of the GCC countries benefit from the opportunities available in the Gulf economy. Investing by increasing the citizens’ benefit from the opportunities available in the Gulf economy, opening a wider field for inter- and foreign investment, maximizing the benefits resulting from economies of scale, raising efficiency in production, and achieving optimal use of available economic resources.

It indicated: Among the effects is facilitating trade exchange as one of the most important objectives of the economic integration process, through the existence of an effective system for free trade exchange within the market area, and improving trade negotiations, by strengthening the negotiating position of the GCC states, and enhancing their effective and influential position among international economic groupings, and adopts The countries of the Gulf Cooperation Council have practical policies and a pragmatic and realistic application of economic integration projects that adopt the principle of incrementalism, which helps in setting goals and developing applicable programs.

Al-Eqtisadiah indicated: The GCC states are moving towards dealing with the world through an economic union that will build a very important entity and give the countries of cooperation a distinctive place on the map of global economic decision, at a time when the world is witnessing an increasing trend towards forming economic blocs and trade alliances bilaterally and regionally in accordance with the principles of trade liberalization And the free movement of goods without hindrances, which is economically beneficial to all parties. The GCC countries have a golden opportunity to enhance their commercial partnership through the common Gulf market in accordance with best practices in a way that will enhance the commercial weight of the GCC countries in the global trade arena and achieve sustainable growth rates for the economies of the GCC countries. Cooperat.

She concluded: The Gulf States bloc was previously ranked 13th among the world’s largest economies, while the Gulf Cooperation Council controls a large proportion of global oil production. The total spending of the GCC states in 2019 amounted to about $ 559.9 billion, while revenues reached $ 527.8 billion. Intra-commodity trade in the exports sector achieved about $ 91.3 billion, $ 151.3 billion for the trade balance, and oil exports reached $ 401.9 billion in the same year, according to the GCC Statistical Center data.

Non-oil exports for the year 2019 amounted to about $ 102 billion, and the re-export sector scored about $ 105.6 billion, and the volume of exports of goods and services amounted to about $ 961.1 billion, with an average per capita share of $ 28.9 thousand.

January 09, 2021 – Jumada Al-Awwal 25, 1442

11:02 PM


The complementary work also contributes to facilitating trade exchange and enhancing its effective position

Economist Dr. Nouf Al-Ghamdi said to “Previously” that the Gulf integrative work is based on liberalizing the movement of production factors, removing all trade barriers, coordinating economic policies and then unifying them, through stages that were embodied in the establishment of the free trade zone in 1983 and the Gulf Customs Union in 2003. And the Gulf Common Market in 2008.

She added: The Kingdom’s summits have always been change, transformation, and stress that the Council is greater than all the challenges, difficulties and obstacles, and that the GCC countries are able to achieve important results as an economic power.

And she added: The Gulf Cooperation Council is one of the most important economic groups in the world, due to the huge potential it possesses in several sectors, led by the energy and trade sector, as the GDP of the six countries combined reached about $ 1.64 trillion in 2019.

And she continued: It is certain that freedom of movement between the countries of the Gulf Cooperation Council has many economic effects, including: achieving equality in treatment among the citizens of the GCC countries, in all economic fields, and creating a single market in which the citizens of the GCC countries benefit from the opportunities available in the Gulf economy. Investing by increasing the citizens’ benefit from the opportunities available in the Gulf economy, opening a wider field for inter- and foreign investment, maximizing the benefits resulting from economies of scale, raising efficiency in production, and achieving optimal use of available economic resources.

It indicated: Among the effects is facilitating trade exchange as one of the most important objectives of the economic integration process, through the existence of an effective system for free trade exchange within the market area, and improving trade negotiations, by strengthening the negotiating position of the GCC states, and enhancing their effective and influential position among international economic groupings, and adopts The countries of the Gulf Cooperation Council have practical policies and a pragmatic and realistic application of economic integration projects that adopt the principle of incrementalism, which helps in setting goals and developing applicable programs.

Al-Eqtisadiah indicated: The GCC states are moving towards dealing with the world through an economic union that will build a very important entity and give the countries of cooperation a distinctive place on the map of global economic decision, at a time when the world is witnessing an increasing trend towards forming economic blocs and trade alliances bilaterally and regionally in accordance with the principles of trade liberalization And the free movement of goods without hindrances, which is economically beneficial to all parties. The GCC countries have a golden opportunity to enhance their commercial partnership through the common Gulf market in accordance with best practices in a way that will enhance the commercial weight of the GCC countries in the global trade arena and achieve sustainable growth rates for the economies of the GCC countries. Cooperat.

She concluded: The Gulf States bloc was previously ranked 13th among the world’s largest economies, while the Gulf Cooperation Council controls a large proportion of global oil production. The total spending of the GCC states in 2019 amounted to about $ 559.9 billion, while revenues reached $ 527.8 billion. Intra-commodity trade in the exports sector achieved about $ 91.3 billion, $ 151.3 billion for the trade balance, and oil exports reached $ 401.9 billion in the same year, according to the GCC Statistical Center data.

Non-oil exports for the year 2019 amounted to about $ 102 billion, and the re-export sector scored about $ 105.6 billion, and the volume of exports of goods and services amounted to about $ 961.1 billion, with an average per capita share of $ 28.9 thousand.





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