UAE Participates In 124th GCC Financial And Economic Cooperation Meeting In Kuwait

The UAE participated in the 124th Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee in Kuwait. This gathering included Finance Ministers from GCC member states. The UAE delegation was led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included key officials like Younis Haji AlKhoori, Ahmed Abdullah bin Lahej Al Falasi, and Khalid Ali Al Bustani.

During the meeting, a variety of topics were discussed. These included the outcomes from the 85th meeting of the Committee of Governors of Central Banks in GCC countries and recent sessions of the GCC Customs Union Authority. Additionally, they covered the 15th meeting of Heads and Directors of Tax Departments in GCC countries and the 43rd meeting of the GCC Common Market Committee.

Ministers examined free trade agreement negotiations between the GCC and international partners. They also reviewed updates on studies and projects managed by the GCC Economic and Development Affairs Authority Office. Discussions highlighted progress in the GCC Economic Unity Programme and preparations for the Gulf Economic Forum, which will occur alongside the World Government Summit.

Al Hussaini emphasised that this session is crucial due to regional and global changes requiring enhanced financial cooperation among GCC states. He stated that future efforts should focus on improving coordination to achieve institutional integration, thereby boosting the GCC's influence as a global economic bloc.

Reviewing progress on strategic projects like the GCC Customs Union and Common Market was a priority. These initiatives are vital for strengthening collective economic power in global markets. The directives from GCC Leaders tasked Finance Ministers with overseeing these projects to enhance economic strength.

Al Hussaini concluded by affirming UAE's dedication to supporting initiatives that promote joint financial cooperation within the GCC. He stressed building on meeting outcomes through clear follow-up mechanisms and measurable performance indicators to ensure effective decision implementation for tangible economic impact over time.

Shared Commitment to Development

The 124th Ministerial Meeting underscored a shared commitment among GCC states to foster economic integration. This commitment aims to reinforce their position as a cohesive entity capable of addressing global challenges while unlocking broader prospects for sustainable development and prosperity for people in the region.

With inputs from WAM