Riyadh: Minister of Commerce and Chairman of the Board of Directors of the Saudi General Authority of Foreign Trade (GAFT) Majid Al-Kassabi chaired the 70th meeting of the Gulf Cooperation Council (GCC) Trade Cooperation Committee, held via videoconference on Thursday. Secretary-General of the GCC Jasem Mohamed Albudaiwi participated in the meeting, alongside commerce ministers from GCC member states.

According to Saudi Press Agency, the meeting discussed updates on free trade agreement negotiations with countries and international blocs and reviewed progress on implementing unified commercial laws across GCC states. It also examined a proposal for a virtual Gulf business incubator and reviewed the work of committees under the ministerial committee.

The ministers reviewed a report from the GCC General Secretariat on the implementation of previous committee decisions, as well as the 2025 annual report on the work and achievements of the GCC Commercial Arbitration Centre (GCCCAC). They were also briefed on measures taken by the Assistant Secretariat for Economic and Development Affairs in light of current developments, along with updates on addressing challenges facing intra-GCC trade and follow-up on decisions of the Supreme Council.

Meanwhile, Al-Kassabi participated in a joint meeting of GCC trade ministers with UK Minister of State at the Department for Business and Trade Chris Bryant. He also joined the 11th meeting of the Ministerial Committee for Standardisation Affairs and a consultative meeting between trade and industry ministers and heads of federations and chambers within the GCC.

Trade volume between Saudi Arabia and GCC countries reached around SAR270 billion in 2025, according to preliminary data. Over the past five years, Saudi Arabia's total trade volume with GCC states increased by 125%, while exports reached about SAR188 billion, marking a 163% rise.