العربية UAE Takes Part in 122nd Meeting of Financial and Economic Cooperation Committee of the GCC 04 October 2024 His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, has led the UAE delegation to the 122nd meeting of the Financial and Economic Cooperation Committee of the GCC, held in Doha, Qatar, on October 2 and 3. The meeting was attended by Their Excellencies, GCC Ministers of Finance. The committee discussed a wide range of financial and economic issues relevant to the GCC countries, with many decisions getting approved to strengthen economic cooperation and promote sustainable development across the region. During the assembly, Their Excellencies discussed the outcomes of the 83rd meeting of the GCC Central Bank Governors Committee, as well as the meeting of the Customs Union. They also reviewed the progress of working groups formed by decisions from the previous Financial and Economic Cooperation Committee meeting. Discussions also touched on the Ministerial Council's decision at its 161st session regarding the future role of the Customs Union Board of Directors, as well as follow-up projects necessary to complete the establishment of the Customs Union. Other key topics addressed included the outcomes of the 13th meeting of the Committee of Heads and Directors of Tax Departments, and the 41st meeting of the GCC Common Market Committee. In addition to Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation includes Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, Khalid Ali Al Bustani, Director General of the Federal Tax Authority, Ahmed Abdullah Lahej Al Falasi Director General of Customs at the Federal Authority for Identity, Citizenship, Customs and Port Security, and a number of officials from the Ministry of Finance. Promoting Economic Integration HE Mohamed bin Hadi Al Hussaini emphasised that the UAE's participation in the GCC Financial and Economic Cooperation Committee meeting aims to further strengthen the economic integration among GCC countries and contribute to achieving sustainable development. He noted that the fast-changing global economic landscape requires collective cooperation and joint efforts to formulate robust financial policies capable of adapting to these shifts. His Excellency highlighted the importance of overcoming the challenges that obstruct economic unity, which the GCC countries aspire to, stressing the need to coordinate efforts to complete the establishment of the customs union. Al Hussaini added: “These meetings provide an ideal platform to accelerate the pace of joint action and achieve prosperity and sustainability in the region. We are committed to harnessing international expertise, such as that offered by the International Monetary Fund, to develop financial strategies that strengthen the resilience of our national economies and open up new opportunities for investment and development." During his participation in the committee’s meeting, HE Al Hussaini attended the opening of the "Future of the GCC" forum, held in cooperation with Georgetown University. The forum featured a joint ministerial session with several experts and academics, focussing on the future of economic cooperation in the region and the challenges and opportunities ahead. Discussions also explored ways to strengthen collaboration with academic institutions to develop effective financial policies. IMF Meeting His Excellency also took part in a joint meeting between GCC finance ministers and central bank governors with the Managing Directorof the International Monetary Fund (IMF). The gathering concluded with a joint recommitment to continued coordination among GCC countries to navigate global economic changes.
