The Gulf Cooperation Council (GCC) countries and the Central Asian countries (C5) — Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan — all Muslim countries members of the Organization of Islamic Cooperation, have shared values and historical ties, and possess significant oil and gas resources that qualify them to play an influential role in the global energy security field, Saudi Press Agency (SPA) reported on July 19.
The summit is the first of its kind; it reportedly reflects the keenness of the GCC countries, mainly the Kingdom of Saudi Arabia, to establish partnerships with the international community in order to enhance the global status of the GCC.
SPA notes that in terms of trade, the value of exchange between the GCC and Central Asia countries amounted to US$3.1 billion in 2021, about 0.27% of the total value of the GCC merchandise trade.
The value of GCC exports to Central Asia reportedly amounted to US$2.06 billion in 2021, while imports amounted to US$1.03 billion.
According to SPA, the maximum rate of merchandise exports from the GCC to Central Asia reached 0.37% in 2020, while the maximum rate of merchandise imported by the GCC reached 0.21% in 2021.
Electrical machinery and appliances reportedly constituted the major goods exported to Central Asia, at a value of U$0.98 billion, about 47.6% of the total volume of goods exported by the GCC to Central Asia, which amounted to US$2.06 billion.
Copper and its by-products constituted the major commodity imported from Central Asia, at a value of US$0.45 billion in 2021, about 43.7% of the total commodity imports from Central Asia, followed by gold, precious metals and stones, and iron and steel, at about 24.3% each.
