Bahrain Ministry of Finance and National Economy chairs GCC finance committee meeting on crisis measures and economic integration

Bahrain's Ministry of Finance and National Economy said Finance and National Economy Minister Sheikh Salman bin Khalifa Al Khalifa chaired the 125th meeting of the Gulf Cooperation Council Financial and Economic Cooperation Committee by videoconference under Bahrain's presidency of the GCC's 46th session. The meeting focused on strengthening financial and economic cooperation among GCC states and reviewed measures taken in the current conditions. Agenda items included developments in free trade agreement negotiations between GCC states and other international groupings, progress toward economic unity, the agreement on linking payment systems among GCC states, follow-up on previous committee decisions, and other shared economic and development matters. In remarks at the meeting, the minister said attacks involving missiles and drones had affected GCC economies and disrupted global supply chains through the Strait of Hormuz, which he said carries more than 20% of global oil and liquefied natural gas supplies, more than 27% of global aluminium exports, and over 30% of fertiliser exports. He also welcomed the currency swap agreement between the Central Bank of Bahrain and the Central Bank of the UAE as a step toward wider use of local currencies in bilateral transactions, and praised Saudi Arabia for facilitating the use of its airports, airspace, ports and customs procedures to move essential and food supplies across GCC states.