UAE participates in 116th meeting of GCC Financial and Economic Cooperation Committee

Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, recently headed the UAE delegation participating in the 116th meeting of the GCC Financial and Economic Cooperation Committee.

The meeting took place in Riyadh, Saudi Arabia, and sought to discuss the recommendations and findings from the 65th preparatory meeting of the Cooperation Council for the Arab States of the Gulf (GCC) Undersecretaries of Ministries of Finance Committee, as well as a number of topics on the agenda.

The UAE delegation included Ali Abdullah Sharafi, Assistant Under-Secretary of the International Financial Relationship Sector at the Ministry of Finance; Ibrahim Al Jarwan, Director of the GCC Affairs Department at MoF; and Hamad Al Zaabi, Director of the Office of Minister of State for Financial Affairs. In attendance also were the ministers of finance of the GCC countries, and the Secretary-General of the Council.

Al Hussaini highlighted the importance of the regular meetings held by the committee to discuss developments in the GCC joint economic work. He also noted the importance of these meetings in confronting the obstacles facing the achievement of economic unity among the GCC countries by 2025.

He said, "The United Arab Emirates is keen to continue working and coordinating with the GCC member states to achieve the aspirations and ambitions of their Majesties and Highnesses, the leaders of the GCC countries and their peoples. The Ministry of Finance is following up the stages of the Gulf economic integration, implementing the Unified Economic Agreement, and representing the UAE in the Financial and Economic Cooperation Committee. The ministry also follows up on the implementation of the economic decisions issued by their Majesties and Highnesses, the leaders of the GCC states."

During the meeting, the GCC Financial and Economic Cooperation Committee discussed the outcomes of the 78th meeting of the Governors of Central Banks of the GCC and the outcomes of the 10th meeting of Committee of Heads and Directors of Tax Administrations in GCC States. They also deliberated the outcomes of 28th meeting of the GCC Customs Union Authority, as well as the report of the Secretariat General of the Gulf Cooperation Council on the remaining steps for establishing the customs union before the end of 2024. That, in addition to the results of the 33rd, 34th and 35th meetings of the GCC Committee of the Gulf common market and the results of the third meeting of the small group of ministries of finance to discuss the G20 Finance Track initiatives.

During the meeting, the Ministers of Finance also reviewed a number of memoranda. These include achieving economic unity among the GCC countries by 2025, updates on signing the agreement to link the payment systems of the GCC countries, and the report on collecting fees to combat harmful practices in international trade. That, in addition to discussing the memoranda related to the approval of the GCC leaders on the establishment of the Gulf Railways Authority, as well as the updates on studies that are being followed up by the Secretariat General.