Doha, March 16 (QNA) - The Federation of GCC Chambers condemned the recent Iranian attacks on the countries of the Gulf Cooperation Council (GCC), describing them as senseless assaults on the region's remarkable development model, founded on justice, stability, and openness.

In an official statement issued at the conclusion of the Federation's virtual emergency meeting on Monday, the Federation of GCC Chambers said the attacks terrorized residents and violated religious values, international conventions, and the principles of good neighborliness.

Discussing the challenges facing the Gulf economy in light of the Israeli-American conflict with Iran, the emergency meeting was chaired by HE Chairman of the Qatar Chamber and President of the Federation Sheikh Khalifa bin Jassim bin Mohammed Al-Thani and attended by Their Excellencies the presidents of the Gulf chambers and federations.

As the representative of the private sector in the GCC countries, the Federation reaffirmed its commitment to key principles, including steadfast support for the region's political leadership in all measures to defend the homeland, protect citizens and residents, and safeguard the economic, developmental, civilizational, and knowledge-based achievements of the GCC countries.

The Federation also emphasized that it is closely monitoring the severe impacts of these attacks on global shipping traffic, noting that they have caused major disruptions to supply chains, sharply increased shipping and insurance costs, and could trigger inflation and a significant slowdown in global growth.

The statement further stressed that the private sector in the GCC countries will continue to play an active role in the development process, fully aware of its national, economic, and social responsibilities, while supporting progress and contributing to both national and regional stability.

HE Chairman of the Qatar Chamber and President of the Federation Sheikh Khalifa bin Jassim bin Mohammed Al-Thani said the current conflict represents a major challenge to the economies of GCC states due to its impact on regional and international energy security, in addition to increased insurance and shipping costs and instability in financial markets.

His Excellency emphasized the need to establish a working group or permanent committee for crises and emergencies, in coordination with the General Secretariat of the GCC, to continuously monitor and assess emerging challenges.

He also called for exploring economic and logistical land alternatives to the Strait of Hormuz.

The meeting addressed a number of initiatives, including activating the Gulf land bridge, diverting maritime traffic to Arabian Sea ports with overland transport, establishing a unified shipping pricing mechanism, and strengthening private sector consultation.

Participants also discussed organizing awareness programs for the business community, enhancing supply chain security, accelerating logistical integration, facilitating procedures for the entry of goods, advancing the railway project, extending oil pipelines to the Red Sea, and promoting economic coordination across the Gulf countries. (QNA)