The 121st GCC Financial and Economic Cooperation Committee meeting held in Doha on Thursday saw the participation of Mohamed Hadi Al Hussaini, UAE Minister of State for Financial Affairs, who led the UAE delegation. The meeting was a platform for members to discuss and approve various proposals and strategies aimed at enhancing economic cooperation and integration within the GCC countries.
One of the key highlights of the meeting was the approval of the UAE’s proposal for measurable targets and indicators for awareness programmes in the GCC Common Market. This move is expected to enhance awareness among stakeholders and promote a better understanding of the common market dynamics. Additionally, the GCC Customs Union Authority’s strategy for the years 2024-2026 was also approved, outlining the vision, mission, strategic objectives, initiatives, key performance indicators, and operational model for the upcoming years.
Furthermore, the comprehensive customs tariff schedule for the GCC countries was approved during the meeting, signifying a step towards streamlining trade processes and promoting economic growth within the region. Members also reviewed the technical status of the negotiations for the free trade agreement for the GCC countries, emphasizing the importance of fostering trade relations and removing barriers to economic cooperation.
In his address, Mohamed Hadi Al Hussaini emphasized the significance of overcoming obstacles to achieve economic unity among the GCC countries. He stressed the need for coordinated efforts and collaboration to establish the Customs Union, which plays a crucial role in promoting economic integration and sustainable development in the region.
The committee also discussed the outcomes of various meetings, including the GCC Customs Union Authority, the GCC Committee of Central Bank Governors, and the GCC Joint Market Committee. Additionally, proposals for organizing awareness programmes for school students and conducting studies by the International Monetary Fund on specific topics were reviewed during the meeting.
Looking ahead, the committee members discussed the proposal to hold a joint GCC event at the headquarters of the International Monetary Fund during the annual meetings of the World Bank Group and the International Monetary Fund in October 2024. This event aims to further strengthen ties with international financial institutions and promote the economic agenda of the GCC countries on a global platform.
Overall, the 121st GCC Financial and Economic Cooperation Committee meeting served as a platform for members to reaffirm their commitment to economic integration and cooperation within the region. The discussions and approvals made during the meeting are expected to pave the way for enhanced economic growth, prosperity, and sustainable development in the GCC countries.