Oman: A delegation from the UAE Ministry of Finance has attended a meeting in Muscat, Oman. It was the first meeting between the Gulf Cooperation Council (GCC), the Common Market Committee, and the Federation of GCC Chambers of Commerce and Industry (FGCC Chambers).
It was held at the GCC Supreme Council Advisory Board headquarters. The meeting focused on speeding up the fulfillment of GCC common market criteria according to the 2022–2024 plan. This is aimed at benefiting the economies and societies of GCC states and bolstering their global economic competitiveness.
The UAE delegation included representatives from the GCC Affairs Department at the UAE Ministry of Finance.
“Guided by the vision of its wise leadership, the UAE is keen to accelerate access to the GCC common market, which benefits the region’s economies and peoples,” Mr. Younis Al Khoori, Under-Secretary at the UAE Ministry of Finance, stated.
“Following the directives of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, the Ministry of Finance is coordinating efforts with the GCC Common Market Committee, the FGCC Chambers, and various specialized committees to address the challenges facing the completion of the GCC common market and to support the GCC private sector to reach a system ready to keep up with the opportunities of the economy of the future,” Mr. Al Khoori added.
The meeting was the first in a series covering the common market. The discussion addressed the challenges concerning the common market’s requirements. Additionally, it laid out the remaining steps required to establish the customs union and implement the common market pathways within a specific timeline. This plan is in accordance with the GCC Common Market Committee’s 2022-2024 implementation plan.
Moreover, the meeting’s agenda covered multiple aspects, such as supporting the GCC private sector, professional groups, and commercial activities. It also emphasized the importance of treating company branches equally to national companies within the framework of enhancing joint economic cooperation.
In parallel, the 38th meeting of the GCC Common Market Committee took place at the GCC Supreme Council Advisory Board headquarters in Muscat.
The meeting had a focus on multiple aspects. It aimed at completing its work and monitoring the implementation of the Financial and Economic Cooperation Committee’s decisions. Additionally, it discussed digital transformation in the market and its investments, as well as updated statistical data.