Kuwait- Joint body seen as a tool to activate Gulf economic unity

(MENAFN- Arab Times) Head of the Federation of the Gulf Cooperation Council (GCC) Chambers of Commerce and Industry Ali Al-Ghanim welcomed the resolution of the Gulf summit held recently in Riyadh aiming to establish a Gulf body for development and economic affairs.

In a press statement on Sunday, Al-Ghanim, also chairman of Kuwait Chamber of Commerce and Industry (KCCI), said it was a move seeking to accelerate the economic unity of GCC member states. This move also responds to calls for a Gulf private sector, with the aim of achieving a quick economic unity, he added. He stressed that the body should be a direct tool to develop and activate the Gulf economic unity, which will help GCC states expand their productivity and diversify general budgets.

He noted that the body also should be highly supported by member states to be a coordinative one to help provide flexibility and equality on one hand, and achieve balance between feasibility and social security on the other hand. Al-Ghanim stressed the importance of involving the private sector in visions, plans and the development role.

GCC leaders agreed, during their 16th consultative meeting in Riyadh on May 31, to establish a high-level body for development and economic affairs so as to achieve projects of economic integration among GCC states. The body has broader powers to study and take decisions pertaining to projects, and submit relevant recommendations to GCC leaders for approval. It will work on fulfilling projects of integration, especially the GCC customs union, the common market and others aiming to promote the joint Gulf action.