The likelihood of accelerating the pace of completing the customs union and the Gulf common market

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The likelihood of accelerating the pace of completing the customs union and the Gulf common market

The Union of Chambers estimates that the volume of intra-trade between the “cooperation” countries will grow to more than $ 100 billion


Thursday – 1 Jumada II 1442 AH – January 14, 2021 AD Issue No. [
15388]


Dr. Saud Al-Mishari, Secretary-General of the Federation of Chambers of the Gulf Cooperation Council

Riyadh: Fatah Al-Rahman Yusef

The Federation of Gulf Chambers of Commerce and Industry confirmed that the political mood in the region that resulted from the statement of the recent Al-Ula summit will accelerate the pace of work in the coming period to complete the requirements of the customs union and the common market, and to achieve full economic citizenship, including granting citizens of the GCC countries freedom to work. Mobility, investment and equality in receiving education and health care, building the Gulf railway network, food and water security system, encouraging joint ventures, and localizing Gulf investment.
Dr. Saud Al-Mishari, Secretary-General of the Federation of Chambers of the Gulf Cooperation Council, told Al-Sharq Al-Awsat that the impact of the positive Gulf political atmosphere, which resulted from the results of the recent (Al-Ula) summit, with the efforts of the Saudi leadership, will be reflected in the increase and growth of intra-Gulf trade and the Gulf economy, because it results in unification. The Gulf House and the strengthening of its strength, interdependence and the strength of its relationship between the leaders and peoples of all the GCC states, and perhaps this political climate that prevailed now will have a positive impact on the overall economic conditions among the GCC states.
Al-Mashari added, “We will notice this positive impact on the Gulf economy at all levels, especially on the economic level,” adding about his expectations of the size and growth of the Gulf economy and trade in the current 2021, “Gulf countries have succeeded in making a strong jump in terms of the volume of intra-trade from 6 billion dollars. In 1983, it reached more than 100 billion dollars during the past three years, at an accelerated annual growth rate. ”
According to Al-Mashari, these jumps in the volume of intra-GCC trade were achieved as a result of the pursuit of the implementation of the Gulf Customs Union, which contributed to increasing intra-GCC trade to these levels, in addition to the establishment of the common Gulf market and the application of the Gulf payments and settlements system, pointing to The technical financial and trade committees in the GCC countries have greatly supported the intra-trade movement.
On the impact of the availability of the vaccine on the growth of the Gulf economy and trade in the new year, Al-Mashari said, “Since the beginning of the Corona epidemic, the countries of the Cooperation Council have sought to take all possible measures and precautions, which contributed to protecting the Gulf economy from any negative repercussions resulting from the pandemic, by taking and launching a number of The programs and initiatives to support the economy in general and the Gulf private sector in particular have succeeded in doing so.

Saudi

The Saudi economy







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