The secretariat’s Secretary General Abdulraheem Al-Naqi said in a press release that establishing such an FTZ would consolidate Iranian-GCC economic relations, trade exchange, and investment, noting that Iran was a regional economic power.
He said the secretariat would work to make this idea a reality in order to create a regional economic bloc that was able to compete at the global level, noting the improvement in trade relations between the two sides.
FGCCC will place the FTZ with Iran at the top of its list of priorities, he said, adding that such a move would attract more Gulf investment to Iran and would also open up Gulf markets to Iranian products and manpower.
Coordination between the two sides in oil policies will also bring stability to prices, he said, pointing out that the Gulf states sat on 45 percent of the world’s oil reserves and 14 percent of its gas reserves.
