RIYADH: The Gulf Cooperation Council has signed an agreement to unify Gulf products, by classifying them as local products in all GCC countries, Saudi Press Agency reported.
This agreement was signed during a periodic meeting of GCC trade ministers, federations, and chambers of commerce.
Key members of the Gulf private sector urged GCC governments to accelerate the process of unifying Gulf products, developing rules of origin, and developing a coordinated strategy to address the supply chain crisis and its impact on Gulf food security.
Federation of Saudi Chambers President Hassan Bin Mujib Al-Huwaizi lauded the efforts of GCC countries in managing economic development, emphasizing the importance of increasing trade and commercial exchange, as well as developing programs to support small and medium enterprises, digital transformation and free trade.
Al-Huwaizi said that global changes necessitate the development of the Gulf private sector, integration among Gulf chambers, and the use of technical research.
He also stressed the importance of keeping financial expenditure within GCC countries, lowering import taxes, and promoting artificial intelligence projects.
