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The 89th exceptional meeting of GCC Financial and Economic Cooperation Committee was held on Friday in Abu Dhabi. This meeting was held on the sideline of the 90th regular meeting of the GCC Financial and Economic Cooperation Committee which will be held on Saturday in the Emirates Palace Hotel, under the chairmanship of HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, and the presence of GCC Ministers of Finance.
The 89th exceptional meeting was chaired by Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs, where they discussed the decision of the Supreme Council of the GCC at its 31st session to complete all GCC Customs Union’s requirement.
"The importance of holding such periodic meetings is shown by their essential role in enhancing the GCC’s financial and economic citizenship globally. They also improve the level of intra-GCC partnership," Al Tayer added.
He said: "Completing the GCC Customs Union is very important for the GCC countries. It will contribute to promoting the concept of GCC citizenship, financially and economically, in addition to its contribution in developing greater levels of economic partnership between the GCC countries." Dr. Abdullatif Al-Zayani, GCC Secretary General, highlighted the importance of the topics on the agenda of the meeting, expressing his hope that the Ministers of Finance will reach decisions that would contribute to furthering and strengthening the process of economic and financial cooperation between the GCC countries, in line with vision of GCC Leaders’ and the aspirations of its people to achieve the desired integration.
The 89th exceptional meeting of GCC Financial and Economic Cooperation Committee focused on implementing the decisions of the Supreme Council for the customs union in terms of collection and distribution mechanisms of customs’ revenues, tariff protection, protection of the local agent, free zone products, free zone trade agreement concluded by some GCC members, and consolidation incentives and benefits, in addition to ending the customs role between GCC countries borders.
On the other hand, the 90th regular meeting of the GCC Financial and Economic Cooperation Committee which will be held tomorrow, will discuss a number of important topics including, UAE’s proposal to develop the GCC Common Market to promote the utilization of the opportunities and advantages offered by the market. Qatar’s initiative for the World Trade Organization Gas, functioning of the Customs information center for information, establishing GCC development program. The proposal of the Kingdom of Bahrain to establish a GCC fund to support the financial stability and economic growth in the GCC countries, and the latest developments in the economic relations of the GCC countries and international groups, and the proposal of the UAE on document the basic principles of the VAT system.
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