His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, headed the UAE delegation participating in the 119th meeting of the GCC Financial and Economic Cooperation Committee, which was held in the Omani capital, Muscat, in the presence and participation of Their Excellencies and Excellencies members of the GCC Financial and Economic Cooperation Committee. The meeting reviewed the developments of the program to achieve economic unity among the countries of the Cooperation Council for the Arab States of the Gulf by 2025, and issues related to the joint Gulf economic work.
The participating state delegation included Khalid Ali Al Bustani, Director General of the Federal Tax Authority, Ahmed Abdullah bin Lahej Al Falasi, Director General of Customs at the Federal Authority for Identity and Citizenship, Customs and Ports Security, Hamad Issa Al Zaabi, Director of the Minister’s Office, Ibrahim Hassan Al Jarwan, Director of the Gulf Cooperation Council Affairs Department, and Tariq Abdullah Burhaima, Director of the Policy and Customs Affairs Department at the Federal Authority for Identity, Nationality, Customs and Ports Security.
unifying efforts
Mohammed bin Hadi Al-Husseini stressed the importance of the meeting, as it is an important platform for coordinating and unifying efforts among the countries of the Gulf Cooperation Council, in a way that enhances the role of the Gulf common market and the customs union. His Excellency said: “The unification of efforts and joint Gulf action contributed to the consolidation of national economies and strengthening their resilience in the face of global changes.
The meeting, which was attended by Jassim Muhammad Al-Budaiwi, Secretary-General of the Cooperation Council for the Arab States of the Gulf, and the finance ministers of the GCC countries, reviewed the developments and requirements for completing the customs union, the paths of the Gulf common market before the end of 2024, and the developments of signing the payment link system agreement between the GCC countries.
The meeting discussed the outcomes of the 68th meeting of the GCC Finance Undersecretaries Committee, which included the results of the 80th meeting of the GCC Central Bank Governors Committee, the results of the 12th meeting of the Committee of Heads and Directors of Tax Departments in the GCC States, and the results of meetings (2) and (3). ) of the Board of Directors of the GCC Customs Union Authority, and the results of the 37th meeting of the Gulf Common Market Committee. In addition to reviewing the directives of the Ministerial Council in its (155th) session regarding addressing all challenges that prevent reaching Gulf unity, the budget of the Gulf Climate Statistics Project, and the participation of the General Secretariat in the Conference of the Parties (COP28), which the United Arab Emirates is hosting this year. .
Twenty initiatives
The participants also discussed the results of the fifth meeting of the small group of finance ministries, to discuss the initiatives of the Group of Twenty (G20), within the financial track, in addition to discussing the topics of the studies proposed by the International Monetary Fund at the joint meeting of the Financial and Economic Cooperation Committee, the GCC Governors Committee and the Director General. The International Monetary Fund, a comprehensive overview of the developments in the technical status of the free trade agreement negotiations between the GCC and the People’s Republic of China, and the program to achieve economic unity between the GCC countries by 2025 was reviewed.
During the meeting, the financial and administrative regulations of the Customs Union Authority were approved, to give it flexibility, powers, and financial and administrative independence necessary to carry out the tasks entrusted to it. The Gulf Common Market.
The participants in the meeting approved the report of the work of the team specialized in investment issues in the GCC countries, and the recommendations contained in the report. According to what was stated in the directives of the Ministerial Council in its session (155), regarding addressing all obstacles that prevent reaching Gulf unity.
It should be noted that the Committee of Deputy Ministers of Finance for the Gulf Cooperation Council countries had previously held its 68th preparatory meeting for the 119th meeting of the Committee for Financial and Economic Cooperation in the Gulf Cooperation Council states, in the presence of His Excellency Younis Haji Al-Khoury, Undersecretary of the Ministry of Finance.
