UAE committed to enhance GCC economic integration and trade

Gulf Today, Staff  Reporter

Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, on Thursday led the UAE delegation participating in the 120th meeting of the Financial and Economic Cooperation Committee of the Gulf Cooperation Council (GCC) countries in the Omani capital, Muscat.

Mohamed Al Hussaini said: “The importance of the regular meetings held by the Financial and Economic Cooperation Committee to coordinate and unify efforts among the GCC countries, discuss developments in joint GCC economic work, and overcome obstacles facing the achievement of economic unity among the GCC countries.”

He added: “Unified efforts and joint GCC work have strengthened our national economies and enabled them to face global changes. The UAE is committed to enhancing GCC economic integration and trade to achieve sustainable prosperity for our peoples and countries.”

The UAE delegation accompanying the Minister of State for Financial Affairs at the GCC Financial and Economic Cooperation Committee meeting included Ahmad Abdullah Bin Lahej Alfalasi, Director General of the Federal Customs Authority (FCA), Ibrahim Hassan Al Jarwan, Director of the GCC Affairs Department at the Ministry of Finance, Hamad Al Zaabi, Director of the Office of His Excellency Minister of State for Financial Affairs, Fatima Al Sheikh, Director of Tax Policies and Legislations Department at the Ministry of Finance, and Hamda Firoz, Head of Committee Affairs Section at the Ministry of Finance.

During the meeting, the Financial and Economic Cooperation Committee discussed the results of the 81st meeting of the GCC Committee of Governors of Monetary Institutions and Central Banks, the results of the fifth meeting of the Board of Directors of the Gulf Customs Union Authority, the results of the 38th meeting of the GCC Common Market Committee, and the results of the sixth meeting of the sub-team from the Ministries of Finance to discuss the G20 initiatives under the Finance Track.

The meeting also reviewed the final draft of the amended controls for exempting industrial inputs from fees (taxes) and the proposed governance for following up and implementing decisions.

Participants were briefed on a number of initiatives related to the technical status updates of the Free Trade Agreement negotiations between the GCC and the People’s Republic of China, updates on signing and ratifying the Payment System Linkage Agreement between the GCC countries, a report from the Technical Secretariat Office submitted to the Financial and Economic Cooperation Committee regarding anti-harmful practices fees and investigation updates, the latest developments related to studies and projects monitored by the Office of the Economic and Development Affairs Authority at the GCC General Secretariat, and the program to achieve economic unity among the GCC countries by 2025, in addition to following up on the decisions of the 119th Financial and Economic Cooperation Committee meeting.

The Ministry of Finance of the United Arab Emirates was established as a sovereign ministry under Federal Decree No. (2) of 1971 to assume responsibility for implementing all financial policies related to economic development in the country, foremost of which is preparing and allocating the federal budget, managing the government’s financial situation, and providing services to the government and business sectors, as well as individuals.