The Ministry of Finance (MoF) hosted the 36th meeting of the Gulf Cooperation Council (GCC) Committee for Undersecretaries of Ministries of Finance and Economy in Abu Dhabi today. Headed by HE Younis Haji Al Khouri Undersecretary of MoF, participants included members of the GCC Secretariat and the Undersecretaries of the GCC Ministries of Finance. The meeting highlighted a number of important topics, including issues pertaining to the 91st GCC Financial & Economic Cooperation Committee meeting which is scheduled to be held on October 21-22, 2011 in the UAE capital.

HE Al Khouri welcomed all attendees and conveyed to them greetings on behalf of HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and his wishes for the success of this meeting due to the positive benefits it holds for GCC states. HE also praised the efforts of the GCC secretariat in working towards meeting joint goals.

“We are gathered here today to work on achieving the vision of our leaders in positioning the GCC’s economy as the strongest and most prominent in the region and to meet the desires of GCC citizens in creating a unified Gulf citizenship. We also aim to work towards enhancing GCC economies in light of recent global events, which requires further integration between our countries to allow us a stronger negotiation position and a higher competitive capacity in international markets,” HE Al Khouri said.

HE Al Khouri added: “The Ministry of Finance is hosting this meeting to increase economic cooperation efforts among GCC states in line with the noticeable developments that are being implemented towards supporting the Gulf Common Market (GCM), the Gulf Development Programme (GDP), the economic judiciary system, and the GCC railway project. The UAE is committed to fully supporting joint GCC economic activities and on addressing all the challenges facing the full implementation of the GCC customs union and the common market.”

During the event, Abdullah Bin Juma Al- Shibli, GCC Assistant Secretary-General for Economic Affairs, expressed his gratitude to HH Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE & ruler of Abu Dhabi, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai and to their highnesses the GCC Heads of States.

Al-Shibli went on to praise the UAE’s initiative in hosting the meeting, and all the facilitations and support that it has provided to date in supporting joint GCC efforts. He indicated that the key topics highlighted at the meeting were vital in advancing economic integration and cooperation among GCC states.

The meeting emphasized a number of important decisions by the GCC Supreme Council, which were announced during its 31st session. It focused on finalizing all requirements for the GCC Customs Union and on addressing all its related challenges and obstacles, in addition to reiterating the importance of exerting greater coordination and consultation efforts to attain a common, unified vision for the Union.

The meeting’s agenda also included a follow up session on the implementation of the plans and directives resulting from different GCC monetary and economic committees, such as the Committee of Governors of Monetary Agencies and Central Banks, the GCC Customs Union Committee, and the team tasked with preparing and participating in cooperation meetings and discussions with the European Union (EU) and other countries and financial institutions. Attendees also reviewed key accomplishments made by the Gulf Common Market Committee, the financial and technical team tasked with finalizing studies regarding the GCC railway project, and the team concerned with researching and studying the economic judiciary system

The meeting concluded with discussions on the extension in implementing decisions to apply customs tax and duty exemptions on national products within GCC borders. Participants also evaluated the initiatives proposed by the GCC to the World Trade Organization (WTO), and reviewed joint GCC investments in the education and health sectors.
 

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