RIYADH,23rd March, 2023 (WAM) --The Ministry of Finance (MoF) of the United Arab Emirates participated in the GCC Common Market Committee meetings, held from March 19th to 21st at the headquarters of the General Secretariat of the Council in Riyadh, Saudi Arabia. The objective of the meeting was to explore ways to enhance financial and economic cooperation among GCC countries.
Representatives from the MoF, Ministry of Industry and Advanced Technology, and Ministry of Economy were part of the UAE delegation that participated in the meetings of the GCC Common Market Committee, the GCC Industrial Development Council, and the technical team concerned with investments in the GCC.
Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, highlighted the significance of the meeting in following up on the updates of the GCC Common Market and finding the best ways to address challenges that could hinder the completion of its requirements, support mechanisms, and activating the Council's committee work. He also emphasised the UAE's commitment to working and coordinating with other GCC countries to enhance joint Gulf economic action, meeting the aspirations of GCC leaders and people.
The second joint meeting between the GCC Industrial Development Council and the GCC Common Market Committee was held to review decisions made by the GCC Supreme Council and the GCC Financial and Economic Cooperation Committee regarding the full implementation of the GCC Common Market tracks. The meeting also discussed challenges presented in the Gulf Organisation for Industrial Consulting (GOIC)'s studies, ways to enhance government procurement programs and local Gulf content, develop unified strategies and laws in all economic fields, and support the GCC private sector.
The second joint meeting was held between the GCC Common Market Committee and the team concerned with investments in the GCC. The meeting sought to provide a detailed explanation of the unified definition of investment within GCC countries, and identify the entities responsible for investment in member states and their specialisations and roles. The meeting also explored ways to harmonise investment laws and regulations with the GCC Economic Agreement, and compared the rules and conditions for attracting foreign investments. Additionally, the meeting deliberated devising a mechanism to establish an electronic link between the authorities responsible for investments in the member states and settling disputes in the scope of investment. It also discussed means of setting general frameworks and strategies for supporting, financing and establishing joint strategic public and private projects in the GCC.
The GCC Common Market Committee meetings aim to implement the GCC Financial and Economic Cooperation Committee's decision issued during its 113th meeting that was held on 21st April 2021. The decision required the GCC Common Market Committee to hold joint meetings with the working committees to discuss key topics of the GCC Common Market, and to address the challenges facing the completion of the common market's requirements.
This meeting came within the framework of implementing the GCC Common Market Committee's work plan 2022-2024, which included holding a number of joint meetings with the technical committees concerned with the GCC Common Market issues. This is based on the GCC Supreme Council's decision that was issued in its 42nd session, on 14th December 2021. The decision was to assign the GCC Financial and Economic Cooperation Committee to finalise the remaining steps for the establishment of the Customs Union and the implementation of the GCC Common Market tracks before the end of 2024, according to a set schedule.