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The 126th meeting of the GCC Financial and Economic Cooperation Committee took place in Manama under the chairmanship of Bahrain’s Minister of Finance and National Economy Sheikh Salman bin Khalifa Al Khalifa with finance ministers from all six member states in attendance the Bahrain Crown Prince and Prime Minister’s office reported. Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan led his country’s delegation while the UAE was represented by Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini according to the UAE Ministry of Finance. Ministers examined progress on the GCC Customs Union adoption of a periodic report on the Gulf Common Market and outcomes from technical committees covering central banks customs tax and common market affairs.
Discussions addressed regional and international economic developments along with steps to enhance joint coordination in response to their implications the Omani Ministry of Finance stated in its account of the session. The gathering occurred during Bahrain’s presidency of the 46th Supreme Council of the GCC known as the Bahrain Summit which has prioritized deeper integration across economic and financial fields. His Royal Highness Prince Salman bin Hamad Al Khalifa the Crown Prince and Prime Minister received delegation heads and reiterated Bahrain’s commitment to supporting GCC initiatives in line with the visions of member states’ leaders.
A joint session brought together the finance ministers central bank governors and GCC Secretary General Jasem Mohamed AlBudaiwi with IMF Managing Director Kristalina Georgieva to examine the paper Economic Prospects and Policy Challenges: Enhancing Resilience to Geopolitical Shocks the Central Bank of Bahrain announced. Central Bank of Bahrain Governor Khalid Humaidan served as a lead discussant and spotlighted opportunities presented by digital assets in cross-border payments financial innovation and capital market growth. He stressed the necessity of strong regulatory frameworks to balance innovation with financial stability according to the central bank’s summary of the roundtable.
The committee reviewed advancements in free trade negotiations between the GCC and external partners alongside updates on the GCC Economic Unity Programme the Qatar Ministry of Finance indicated in its post-meeting statement. Participants assessed legislative and regulatory enhancements intended to facilitate greater flows of trade investment and labor within the bloc. These efforts build on the common market framework launched in 2008 which the GCC General Secretariat has described as central to achieving full economic unity.
Bahrain’s hosting of the meeting aligns with its current leadership role in GCC affairs and follows similar sessions that have steadily expanded cooperation on monetary tax and customs policies the UAE Ministry of Finance noted. Officials emphasized the importance of collective action to bolster the region’s global competitiveness amid shifting economic conditions. Further coordination among member states is expected to feed into upcoming GCC leaders’ summits later in the year.
