Today's Edition
MANAMA (WAM)
The United Arab Emirates participated in the 126th meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held on Thursday in the Kingdom of Bahrain.
The UAE delegation was led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included Ahmed Abdullah bin Lahej Al Falasi, Acting Director General of Customs and Ports Security at the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP); Abdulaziz Mohammed Al Mulla, Director General of the Federal Tax Authority (FTA); and Ali Abdullah Sharafi, Assistant Undersecretary for International Financial Relations at the Ministry of Finance, alongside several Ministry officials.
The meeting addressed key priorities for advancing financial and economic integration across the GCC, with discussions focusing on closer ties between Gulf economies, greater efficiency in the GCC Common Market and stronger legislative and regulatory frameworks to facilitate trade and investment.
Participants also reviewed initiatives and projects aimed at advancing Gulf economic unity, strengthening the competitiveness of GCC states and enhancing their ability to capitalise on shifts in the global economy.
The meeting provided a platform to assess progress in financial, tax and customs cooperation and explore the next steps in advancing joint GCC action to deepen integration and deliver greater economic benefits for member states, their citizens and businesses.
The UAE's participation reflects the Ministry of Finance's role in advancing Gulf economic integration and strengthening the country's role and standing within the GCC Common Market.
It also aligns with the UAE's commitment to closer economic cooperation among GCC states, maximising the benefits of integration for individuals and businesses and supporting sustainable growth and prosperity across the region.
Mohamed bin Hadi Al Hussaini said: "The UAE remains committed to supporting GCC efforts to deepen economic and financial integration, firmly believing that closer ties between member states' economies are essential to building a more competitive, resilient and sustainable Gulf economic system.
"The next phase calls for continued progress in developing common frameworks and translating the outcomes of our cooperation into initiatives that deliver tangible results. These efforts will help facilitate trade and investment, improve market efficiency, create more opportunities for the private sector and support economic growth and diversification across the GCC."
Al Hussaini also highlighted the importance of ensuring that Gulf economic integration keeps pace with rapid changes in the global economy and harnesses the opportunities offered by modern technologies and the digital economy. This, he noted, would strengthen the readiness of Gulf economies and their ability to compete globally.
He explained that the UAE views Gulf economic integration as an ongoing process requiring sustained coordination and gradual development of common policies, regulations and procedures.
Al Hussaini reaffirmed the UAE's commitment to working closely with fellow member states and the GCC General Secretariat to support initiatives that advance economic unity and serve the interests of GCC citizens and businesses.
The meeting reviewed the outcomes of the 87th meeting of the GCC Central Bank Governors Committee, the 18th meeting of the GCC Customs Union Authority, the 17th meeting of the Committee of Heads and Directors of Tax Administrations, and the 45th meeting of the GCC Common Market Committee.
Participants also reviewed the outcomes of meetings held by the technical working group comprising representatives of GCC ministries of finance, which focused on evaluating international events and identifying best practices for GCC participation in major international forums.
The agenda also included a report on the activities of the GCC Bureau of Technical Secretariat for Anti Injurious Practices in International Trade, along with updates on free trade agreement negotiations between the GCC and other countries and international blocs.
Discussions covered the latest progress towards achieving economic unity among GCC states, as well as economic and development integration studies and projects being prepared and overseen by the Office of the Economic and Development Affairs Authority.
The meeting also reviewed progress on the signing and ratification of the agreement on linking payment systems across GCC states.
Participants also examined the latest developments concerning the Financial and Economic Cooperation Committee's decisions on taxation, as part of ongoing joint efforts to strengthen tax cooperation and coordination among GCC states. These efforts aim to deepen economic and financial integration while keeping pace with developments in the regional and global economic landscape.
