UAE Spearheads Economic Strategy Discussions At GCC Cooperation Meeting

Mohamed Hadi Al Hussaini, UAE Minister of State for Financial Affairs, led the UAE delegation at the 121st GCC Financial and Economic Cooperation Committee meeting in Doha on Thursday. During the session, members approved the UAE’s proposal for measurable targets and indicators for awareness programmes within the GCC Common Market.

The committee also endorsed the GCC Customs Union Authority’s strategy, which includes the vision, mission, strategic objectives, initiatives, key performance indicators, and operational model for 2024-2026. Additionally, a comprehensive customs tariff schedule for GCC countries was approved.

Members reviewed the latest developments in the technical status of negotiations for the free trade agreement among GCC countries. They also examined updates on the signing and implementation of the payment linkage system agreement between GCC nations and the progress towards achieving economic unity by 2025.

Mohamed Hadi Al Hussaini emphasised the importance of overcoming obstacles to achieve economic unity within the GCC. He stressed the necessity of coordinating efforts across member countries to establish the Customs Union. "These meetings are key to growing the common GCC economy and reaffirming the commitment of the GCC countries to economic integration," he stated.

The committee discussed outcomes from various meetings, including those of the GCC Customs Union Authority, the 82nd meeting of the GCC Committee of Central Bank Governors, and the 39th and 40th meetings of the GCC Joint Market Committee. They also reviewed a proposal for organising awareness programmes for school students.

During a joint meeting with the International Monetary Fund (IMF), topics on which the IMF should conduct studies were reviewed. The committee also considered a proposal to hold a joint GCC event at IMF headquarters during the annual meetings of the World Bank Group and IMF in October 2024.

With inputs from WAM