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Al-Bydawi: Regional crisis impacts global economy
The Secretary-General of the Gulf Cooperation Council, Jassim Mohamed Al-Budaiwi, affirmed that the economic repercussions of the current crisis in the region extend to European and global economies, directly impacting commodity prices, including food, and supply chains due to disruptions in navigation routes and rising costs. He pointed out that both the GCC and the European Union possess the economic and logistical capabilities to address these repercussions by diversifying transportation routes, developing infrastructure, and working to strengthen energy and food security. Al-Budaiwi emphasized the importance of joint cooperation and a free trade agreement between the two sides, expecting that the upcoming GCC-EU summit will foster dialogue and efforts to tackle the current economic challenges.
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