The Ministry of Finance (MoF) organised an introductory meeting on Gulf Economic Integration at the Ministry of Presidential Affairs in Abu Dhabi to strengthen the UAE’s strategic role in this area.
The meeting was held in the presence of HE Hamad Abdul Rahman Al Madfaa, Secretary General of the Supreme Council Affairs of the Federation at the Ministry of Presidential Affairs; HE Younis Haji Al Khoori, Undersecretary of MoF; along with HE Ibrahim Al Mahmood and HE Dr. Ibtisam Al Ketbi, UAE representatives at the advisory committee of GCC countries in addition to being representatives from the former mentioned ministries.
The meeting aimed to raise awareness and provide information about Gulf financial and economic integration, the positive impact it has on citizens, institutions and the private sector, in addition to highlighting the UAE’s strategic role on a GCC-wide level. The meeting also highlighted the Ministry’s role in particular, as it is the entity mandated with implementing the unified economic agreement between GCC countries, and of overseeing seeing GCC financial and economic integration-related elements. The Ministry is also keen to work alongside its strategic partners to set future plans and to receive their feedback and suggestions to support the integration process.
During the meeting, MoF’s delegation presented five main elements, including an overview of the GCC-joint economic action, strategic projects, implementation processes for these projects, results and achievements on a GCC level; in addition to the Ministry’s role in supporting projects that promote economic integration and collaboration between GCC countries.
Commenting on the meeting, HE Younis Haji Al Khoori emphasised the Ministry’s commitment towards strengthening Gulf economic integration, whilst also introducing its role in reviving the economic movement of these countries, since the GCC it is considered to be a solid economic unit, which is based on mutual cooperation between member states.
HE Al Khoori added: “The UAE is committed to implementing the provisions of the unified economic agreement between GCC countries. The Ministry’s establishment of a unit for the Cooperation Council for the Arab States in the Gulf is considered an important step in developing the work related to Gulf economic integration, especially with regards to following up on the implementation of projects and laws issued by the Gulf Cooperation Council.”
The Ministry offered a presentation which showcased the structure of Gulf Economic work, which is headed by the GCC Supreme Council, in addition to explaining the executive committees’ framework which manage the Gulf economic integration and its basic stages. The presentation also shed light on the formation of the free trade area as well as implementing the GCC Customs Union, Gulf Common Market and the issuance of the GCC single currency.
MoF’s delegation also discussed the UAE’s achievements in the field of joint GCC integration, which has been documented by statistical reports for the General Secretariat of the Cooperation Council for the Arab States of the Gulf, as well as the sixth edition of the Statistical Report for the Gulf Common Market which was recently issued by the Regional and International Financial Relations Department at MoF.
The meeting also focused on the Ministry’s achievements in strengthening Gulf economic integration, as it has raised 20 proposals to the General Secretariat of the Cooperation Council for the Arab States of the Gulf in this regard, whereby the Secretariat adopted most of them. The Ministry managed to address 13 out of 15 complaints received. The Ministry’s work team will continue to work on all inquiries related to implementing GCM principles and achieving equality among GCC citizens, specifically through the electronic gateway for complaints and inquiries (GCC Takamul) which can be found on the Ministry’s website.
The Ministry is keen on developing media messages on social media channels to spread more awareness on Gulf economic integration, in addition to publishing booklets and videos on the Gulf Common Market. The Ministry also works on issuing an annual statistical report of the Gulf Common Market, in addition to organising seminars and meetings in universities, institutions and government and private sectors.