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Inter-GCC trade volume hits USD121.2b

07 Dec 2014

(MENAFN) The trade volume between the members of the Gulf Countries Council (GCC) registered an increase by 14 percent to USD121.2 billion in 2013 compared with USD 106.5 billion in the previous year, QNA reported.

The GCC Secretariat’s information sector, which issued a report regarding the inter-GCC trade, said that the launch of the GCC common market has had a great impact on increasing the bilateral trade between the GCC states, helping the trade volume to rise from USD29 billion in 2004 to its current USD121.2 billion.

This growth has resulted in turning the GCC common market to be one of the world’s largest economic common markets, with a total population of 47 million, an aggregate GDP of USD 1.6 trillion and total foreign trade of USD 1.4 trillion.

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