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JEDDAH: Trade among Gulf Cooperation Council states reached $1.5 trillion in 2024, ranking sixth globally and representing 3.2 percent of world trade, in a reflection of the region’s economic resilience and diversification, a senior official said. 

Speaking at the 61st preparatory meeting of GCC trade ministry undersecretaries, Khalid Ali Al-Sunaidi, assistant secretary-general for economic and development affairs at the GCC General Secretariat, said the bloc collectively posted a $110 billion trade surplus, the third-largest worldwide, Kuwait News Agency, or KUNA, reported. 

The development underscores the GCC’s position as a financially resilient and strategically coordinated bloc, despite challenges such as oil price volatility, global economic slowdown, and geopolitical tensions. 

Al-Sunaidi emphasized that trade within the GCC serves as a key driver for economic diversification, enhancing competitiveness, and expanding investment and innovation opportunities. 

“He noted that intra-GCC merchandise trade reached around $146 billion in 2024, with an annual growth rate of 9.08 percent compared to 2023, and a ten-year average annual growth rate of non-oil goods of 5.3 percent,” KUNA reported. 

Al-Sunaidi stated that the Secretariat believes the future of GCC trade relies on deepening institutional and legislative integration through the development of unified trade policies, updating shared legal and regulatory frameworks, and facilitating the flow of goods and services. 

He also highlighted the Secretariat’s commitment to supporting digital transformation in trade systems, which will shift intra-GCC trade from mere commodity exchange toward productive and economic integration, the agency reported. 

Kuna reported that the senior official said that expanding intra-GCC trade helps leverage comparative advantages, create shared production and supply networks, and consolidate the foundations of GCC economic integration. He added that this integration is considered a key pathway for comprehensive and sustainable development in the region. 

Al-Sunaidi noted that the Secretariat also focuses on free trade agreement negotiations, describing them as strategic opportunities to increase market access, diversify trade partners, and attract quality investments, strengthening the GCC’s role as an active hub in the global trade system. 

The preparatory meeting reviewed progress across several committees, including domestic and foreign trade, small and medium enterprises, consumer protection, and the GCC Secretariat General’s Patent Office. It also set the stage for the 69th session of the GCC Ministerial Committee for Trade Cooperation, scheduled for Oct. 29 in Kuwait City, according to the Saudi Press Agency. 

RIYADH: ������Ƶ’s Export-Import Bank signed an accession agreement with International Finance Corp., a member of the World Bank Group, to help local exporters tap new international markets. 

The deal covers cooperation in trade finance, development, and insurance, and gives EXIM Bank access to IFC’s global syndicated financing platform, expanding its role in international co-financing transactions while strengthening its institutional framework, the Saudi Press Agency reported. 

Affiliated with the National Development Fund, Saudi EXIM Bank aims to diversify the Kingdom’s economic base by enhancing the efficiency of the national non-oil export system, bridging financing gaps, and reducing export risks. 

The agreement was signed in the presence of Saad bin Abdulaziz Al-Khalb, CEO of the bank, and Khawaja Aftab Ahmed, regional director of IFC.

Quoting Al-Khalb SPA reported that the agreement “embodies an important step toward expanding the bank’s strategic partnerships with international financial and development institutions.” 

He added that the deal strengthens the Kingdom’s position as a major hub for trade and investment and supports Vision 2030 goals of diversifying the economy and developing Saudi non-oil exports. 

Under the deal, EXIM Bank will also join IFC’s main cooperation agreement with various development and regional banks worldwide, providing a framework for future co-financing projects that support sustainable development and facilitate trade flows. 

Khawaja Aftab Ahmed, regional director at IFC, said the partnership will help Saudi companies expand internationally and promote sustainable growth through cross-border investments. 

EXIM Bank boosted credit facilities by 44 percent in the first half of 2025, reaching SR23.61 billion ($6.29 billion).