The Board of Directors of the Federation of GCC Chambers held its 67th meeting in Kuwait, during which it discussed the Gulf guarantee project and several issues aimed at strengthening joint action among GCC countries to achieve economic integration, as well as ways to enhance intra-Gulf trade and facilitate mutual investments.
The Gulf guarantee project is a document aimed at facilitating the movement of goods across Gulf ports by allowing entry from the first entry point in any GCC state and movement across one or several member states, with customs procedures completed at the final destination according to the approved Gulf transit mechanism, without the need to submit documents, pay taxes or fees, or take additional customs procedures. The meeting also discussed several economic issues that contribute to achieving integration among GCC countries and supporting cooperation in trade and investment, amid the structural transformations witnessed by Gulf economies in diversifying income sources, strengthening food and energy security, and developing national talent to keep pace with the global wave driven by artificial intelligence and the knowledge economy.
