UAE participates in the GCC Common Market Committee meetings
23 March 2023
23 March 2023
The United Arab Emirates, represented by the Ministry of Finance (MoF), participated in the GCC Common Market Committee meetings, which were held from 19-21 March at the General Secretariat of the Council’s headquarters in Riyadh, Saudi Arabia. The meeting discussed means of enhancing financial and economic cooperation among the GCC countries.
The UAE delegation 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, and it included representatives from the MoF, the Ministry of Industry and Advanced Technology, and the Ministry of Economy.
His Excellency Younis Haji Al Khoori, Undersecretary of Ministry of Finance, emphasised the significance of the meeting as it focuses on following up on the GCC Common Market’s updates, and discusses the best ways to address the challenges facing the completion of its requirements and the support mechanisms as well as activating the Council’s committee work. His Excellency said: ” The UAE is keen to continue working and coordinating with the GCC countries to enhance joint Gulf economic action, in order to meet the aspirations of the GCC leaders and people.”
The second joint meeting between the GCC Industrial Development Council and the GCC Common Market Committee was held to preview the 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 the challenges facing the GCC Common Market that were presented in the Gulf Organization for Industrial Consulting (GOIC)’s studies, as well as means of enhancing government procurement programmes and local Gulf content, developing unified strategies and laws (systems) in all economic fields, in addition to the requirements of supporting 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 April 21, 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 December 14, 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.