GCC intra-trade hits $1.5tn in 2024, ranks sixth globally, official says
As-salamu alaykum - Alhamdulillah, a senior GCC official said trade between Gulf states reached $1.5 trillion in 2024, placing the bloc sixth in the world and making up about 3.2% of global trade. Khalid Ali Al-Sunaidi, assistant secretary-general for economic and development affairs at the GCC General Secretariat, spoke at the 61st preparatory meeting of GCC trade ministry undersecretaries and gave the figures.
He mentioned that the GCC posted a $110 billion trade surplus, which is the third-largest globally. The numbers reflect the region's economic resilience and its push toward diversification, despite challenges like oil price swings, a slowing global economy, and regional tensions.
Al-Sunaidi pointed out that intra-GCC merchandise trade was roughly $146 billion in 2024, growing 9.08% compared with 2023, and that non-oil goods have averaged 5.3% annual growth over the past decade. He stressed that trade inside the GCC is a major engine for diversifying economies, boosting competitiveness, and creating opportunities for investment and innovation.
The Secretariat believes the future of GCC trade depends on deeper institutional and legal integration - unified trade policies, updated common regulations, and easier movement of goods and services. They are also committed to digitalising trade systems so intra-GCC exchange moves beyond simple commodity swaps toward real productive and economic integration, Insha'Allah.
Expanding trade within the GCC, he said, helps countries use their comparative advantages, build shared production and supply chains, and strengthen the foundations of regional economic integration - a key route to sustainable development. The Secretariat is also working on free trade agreement talks to broaden market access, diversify partners, and attract higher-quality investment, boosting the GCC's role in global trade.
The preparatory meeting reviewed progress in areas like domestic and foreign trade, support for small and medium enterprises, consumer protection, and the GCC Secretariat General's Patent Office. It also set the scene for the 69th session of the GCC Ministerial Committee for Trade Cooperation, scheduled for Oct. 29 in Kuwait City.
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