Manama: Yusuf Abdulla Alhumood, Undersecretary for Financial Affairs at the Ministry of Finance and National Economy, chaired the eighth extraordinary meeting of the Permanent Preparatory Committee at the ministerial level of the Gulf Cooperation Council Economic and Development Affairs Authority. The meeting was conducted via video conference as part of the Kingdom of Bahrain's presidency of the 46th session of the GCC.
According to Bahrain News Agency, the session included participation from GCC ministers of finance and economy, along with Jasem Mohamed Albudaiwi, the Secretary General of the GCC. The focus was on discussing the implications of Iranian attacks on the economies of GCC member states.
Alhumood emphasized the critical nature of the meeting, highlighting the need for increased coordination and integration among GCC states to tackle current challenges, ensure regional security, and maintain development progress. He expressed gratitude to the State of Kuwait for its leadership and accomplishments during its previous presidency of the council.
During the meeting, Alhumood praised the efforts of the GCC General Secretariat and its members, noting their contributions in supporting the authority's work and enhancing economic integration. He highlighted the severity of missile and drone attacks targeting residential areas and key infrastructures like energy, water, ports, and airports, describing them as violations of international law and threats to regional security and the global economy.
Alhumood also pointed out the strategic role of the Arabian Gulf in global economic stability, stressing that Iran's attempts to disrupt navigation in the Strait of Hormuz constitute economic terrorism. He explained the significant impact on global supply chains, with more than 20% of global oil and liquefied natural gas, over 27% of aluminium exports, and over 30% of fertiliser exports passing through the Strait. He characterized the situation as a major disruption to global supply chains since the Second World War, necessitating coordinated international efforts to resolve it.
The meeting underscored the importance of ongoing cooperation among GCC states in mitigating the economic impacts of these attacks and reviewed policies and measures taken to address the challenges, along with plans related to economic and development sectors.