Under the Chairmanship of HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, the 90th regular meeting of the GCC Financial & Economic Cooperation Committee was held today at the Emirates Palace in Abu Dhabi, in the presence of HE Dr. Abdullatif Al-Zayani, GCC Secretary General and their Excellencies, the GCC Ministers of Finance.

A number of important topics were discussed at the meeting including; the UAE’s proposals to develop the GCC Common Market and to document the basic principles of the VAT system, the Qatar initiative regarding the WTO natural gas and the functioning of the Customs information Center as well as establishing the GCC development program. Bahrain’s proposal to establish a GCC fund, and the latest developments in the GCC countries’ economic relations with international groups were also discussed.

HH Sheikh Hamdan bin Rashid Al Maktoum, welcomed HE the GCC Secretary General, Their Excellencies Ministers of Finance and their delegations. He also highlighted the active role played by the GCC Financial & Economic Cooperation Committee, since its formation, in supporting the economic integration and sustainable development of GCC Countries. He highlighted the importance of decisions taken by the committee, and their positive impact on the economic activities between GCC countries, and their role in supporting the desired integration in all sectors of the economy.

"We are looking forward to further supporting the integration process in the Gulf economies, and to focus more on full application of the customs union, to take advantage of the opportunities offered by a GCC common market, which will reflect positively on all sectors of the economy and achieve the aspirations of the citizens of the GCC Countries.” said HH Sheikh Hamdan bin Rashid Al Maktoum.

HE Dr. Abdullatif Al-Zayani, GCC Secretary General, said: "The GCC have made a long march towards achieving objectives set by the founders, a number of achievements have been achieved at various levels, particularly in the area of economic integration."

HE highlighted the role played by the GCC in following all stages of economic integration, in order to fully leverage the achievements made and to maximize benefits for citizens’ of GCC Countries and deepen and strengthen the integration among all GCC countries.

The ninety first GCC Financial & Economic Cooperation Committee meeting will be held in the UAE in October 2011.

We accept Guest Posts

Download the Dubai City Guide iPhone mobile app

DubaiCityGuide.com is owned and managed by Cyber Gear