MAKKAH — Minister of Commerce and Chairman of the Board of Directors of the Saudi General Authority of Foreign Trade (GAFT) Majid Al-Qasabi chaired the 70th meeting of the Gulf Cooperation Council (GCC) Trade Cooperation Committee, held via video conference, on Thursday. Commerce ministers from GCC member states and GCC Secretary General Jasem Albudaiwi attended the meeting.
The meeting discussed updates on free trade agreement negotiations with countries and international blocs and reviewed progress on implementing unified commercial laws across GCC states. It also examined a proposal for a virtual Gulf business incubator and reviewed the work of committees under the ministerial committee.
The ministers reviewed a report from the GCC General Secretariat on the implementation of previous committee decisions, as well as the 2025 annual report on the work and achievements of the GCC Commercial Arbitration Centre (GCCCAC). They were also briefed on measures taken by the Assistant Secretariat for Economic and Development Affairs in light of current developments, along with updates on addressing challenges facing intra-GCC trade and follow-up on decisions of the Supreme Council.
Meanwhile, Al-Qasabi participated in a joint meeting of GCC trade ministers with UK Minister of State at the Department for Business and Trade Chris Bryant. He also joined the 11th meeting of the Ministerial Committee for Standardization Affairs and a consultative meeting between trade and industry ministers and heads of federations and chambers within the GCC.
Trade volume between Saudi Arabia and GCC countries reached
around SR270 billion in 2025, according to preliminary data. Over the past five years, Saudi Arabia’s total trade volume with GCC states increased by 125 percent, while exports reached about SR188 billion, marking a 163 percent rise.
Source: Saudi Gazette