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Al-Badawi: Regional crisis impacts Europe and beyond
The Secretary-General of the Gulf Cooperation Council, Jassim Muhammad Al-Budaiwi, confirmed that the economic repercussions of the current crisis in the region are expanding to affect the economies of the Gulf, Europe, and the world. Disruptions in shipping routes and rising costs have led to increased prices for goods, food, and supply chains. He explained that the GCC countries and the European Union have the economic and logistical capacities to confront these impacts through diversifying transportation routes, developing infrastructure for regional and international connectivity, and enhancing trade and regulatory cooperation, including a free trade agreement and projects in the fields of electrical interconnection and hydrogen. He concluded that joint efforts between the two regions are the most effective way to reduce the effects of the current economic crises.
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