Manama:The Kingdom of Bahrain recently hosted the 126th meeting of the GCC Financial and Economic Cooperation Committee. The meeting, chaired by Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, saw participation from GCC finance ministers and Jasem Mohamed Al Budaiwi, Secretary General of the GCC.
According to Bahrain News Agency, Shaikh Salman conveyed greetings from His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, wishing success for the meeting. He expressed Bahrain's pride in hosting the event and acknowledged the efforts of Al Budaiwi and the GCC Secretariat in its preparation.
Shaikh Salman emphasized the strategic necessity of joint Gulf action amid rapid global changes that impact market stability, energy security, and supply chains. He highlighted the GCC's resilience in responding to challenges, such as the Iranian attacks affecting the global economy and international shipping routes. This resilience is attributed to sound economic foundations and policies shared by GCC states.
He acknowledged Saudi Arabia for its logistical support and the UAE for strengthening financial cooperation, including a currency swap agreement with Bahrain. Shaikh Salman stressed the importance of expanding free trade agreements to enhance economic cooperation globally.
The Finance Minister welcomed progress on the free trade agreement with the United Kingdom and urged advancement in agreements with other countries, including resuming talks with the European Union. He also highlighted the need for continued development in financial coordination and economic integration among GCC states to support growth and prosperity.
The meeting's agenda addressed issues such as the outcomes of meetings of GCC central bank governors, the GCC Customs Union Authority, tax administrations, and developments in the GCC Common Market. It also covered efforts to combat harmful trade practices, progress in free trade negotiations, and implementation of joint financial and economic decisions.