Al Zayani praises growth of trading volume between GCC states

10/26/2015 3:04:31 AM

(MENAFN- The Peninsula)

Doha: The Gulf Cooperation Council (GCC) Secretary-General Dr. Abdullatif Rashid Al Zayani said that the volume of commercial trade between the GCC states has significantly increased to reach US$ 146 billion in 2014 from US$ 6 billion in 1986.

In his speech before the opening session of Gulf Economic Forum today Dr. Al Zayani said that the GCC States managed to realize the full economic citizenship within a few years as every natural or legal Gulf person shall enjoy the same rights and duties in all the member states.

He stressed that the GCC countries also completed the common market and the customs union for which they are currently seeking international recognition. The GCC has also established the Gulf Monetary Council and is working on the establishment of a central bank and a common currency he added.

Al Zayani added that the GCC countries have completed several major strategic projects pointing to the Gulf electricity linkage project and the underway railway project that runs from Kuwait in the north to Muscat in the south. He added that Water link project which is currently under study will form an important pillar to achieving water security for all Gulf societies.

In the area of international economic relations Al-Zayani said that the GCC countries have developed a common strategy for dealing with countries international organizations and blocs to ensure a unified negotiating policy and thus collectively cut economic and trade agreements and deals.

He stressed that the GCC General Secretariat is keen on continuous communication with the Gulf private sector in implementation of the directives of Their Majesties and Highnesses the leaders of the GCC countries who believe in the vital and constructive role of the private sector in supporting and strengthening the process of economic development in the GCC countries.

QNA

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