Intra-Commodity Trade: GCC’s Golden Opportunity to Achieve Sustainable Growth Rates

Intra-Commodity Trade: GCC’s Golden Opportunity to Achieve Sustainable Growth Rates

 

All six GCC states continue to develop economic interdependence through implementing a host of measures, the most important of which is working towards realizing a fully integrated single market by launching a common market.

 

Having a common market has eased the movement of goods and services and increased competition within GCC markets. Economies of Gulf states enjoy a broad ability to draw on multiple strengths that include natural resources, geographical location, and human resources.

 

Intensive and coordinated efforts have been poured into ensuring the smooth flow of goods and services between GCC states.

 

Correcting mechanisms aimed at removing any obstacles or barriers that may hinder the growth of intra-Gulf trade exchanges have also been put in motion alongside trade-boosting initiatives.

 

With economic blocs and trade alliances based on principles of free trade dominating the global scene, the GCC has a golden opportunity to enhance the commercial weight of its member states and achieve sustainable growth rates.

 

Ranking 13th among the world's largest economies, the GCC controls a large proportion of global oil production. The total spending of the GCC countries in 2019 was about $ 559.9 billion, while revenues were about $ 527.8 billion.

 

In 2019, intra-commodity trade in the exports sector totaled around $ 91.3