‎GCC countries, US affirm commitment to supporting economic recovery efforts

‎GCC countries, US affirm commitment to supporting economic recovery efforts

The leaders of the GCC countries and the US met today, July 16, in Jeddah, upon an invitation from the Custodian of the Two Holy Mosques King Salman.

The GCC countries and the US affirmed, in a joint statement, their commitment to boosting cooperation in order to support the international efforts of economic recovery, as well as address the negative economic effects of the coronavirus pandemic and Russia-Ukraine war. They also affirmed their commitment to ensuring the flexibility of supply chains, security of food and energy supplies, as well as develop clean energy sources and technologies.

They affirmed their historical partnership and their determination to complete the achievements of previous summits to enhance cooperation, coordination and consultation.

The US welcomed the decision of the Arab Coordination Group, which includes 10 national, Arab and specialized development financing institutions, on providing no less than $10 billion, for the purpose of responding to regional and international food security challenges. The leaders also welcomed the US declaration on providing an additional $1 billion to meet the urgent short- and long-term food security needs of the MENA region.

Further, the leaders commended the ongoing efforts of OPEC+ to stabilize global oil markets, in order to serve the interests of