A GCC union will open new horizons for economic development and create a powerful economic bloc worth $1 trillion, said Bahrain’s HRH Prime Minister Prince Khalifa bin Salman Al Khalifa.

He made his remarks in a keynote speech in Bangkok, addressing the World Economic Forum on East Asia yesterday in which he outlined challenges and opportunities of the growing ties between the GCC and Asia.

The Premier said the Gulf countries have made giant strides in economic and political developments over the past 30 years.

They are now working to attain the phase of Gulf union in order to attain vast economic and political goals which will positively reflect on the peoples of GCC countries.

HRH the Premier was attending the forum as a special guest of honour at the invitation of Thai Prime Minister Yingluck Shinawatra.

He said that there is "a growing need for constant co-operation between countries, opening of new horizons for trade exchanges and removal of restrictive barriers to investments in order to alleviate negative repercussions of the global economic crunch in addition to protecting the region's financial stability."

HRH the Premier highlighted the huge potential to strengthen trade ties between the GCC and Association of South East Asian Nations. – TradeArabia News Service