Saudi Finance Minister: Challenges facing the world require intensifying efforts through joint Gulf action

Saudi Finance Minister Mohammed Al-Jadaan said that the Kingdom of Saudi Arabia will continue to support the joint Gulf action, and contribute to the development of economic relations to reach the aspirations of the leaders and citizens of the GCC states.

This came after the Financial and Economic Cooperation Committee of the Cooperation Council for the Arab States of the Gulf (GCC) held its one hundred and sixteenth meeting in Monday at the headquarters of the General Secretariat of the Gulf Cooperation Council in the city of Riyadh, headed by the Minister of Finance – Chairman of the current session – Mohammed Al-Jadaan, and the participation of finance ministers from the GCC countries and the GCC Secretary-General Dr. Nayef Falah Al-Hajraf.

During the meeting, the ministers reviewed the results of the work done during this year by all relevant committees that support the achievement of economic unity, evaluate what has been accomplished and explore future prospects to enhance the role of these committees and teams in strengthening the bonds of cooperation among the GCC states.

They also discussed the remaining steps for the establishment of the customs union according to a specific timetable and the Gulf common market. The ministers also discussed the initiatives of the Group of Twenty in the financial track and their impact on the Gulf Cooperation Council countries.

The meeting of the Financial and Economic Cooperation Committee is held periodically to discuss all topics related to the joint Gulf economic work and the developments of legislation and economic measures adopted by the GCC countries in order to achieve the common strategic interests in the long term.