The Ministry of Finance of the United Arab Emirates participated in the 68th meeting of the GCC Undersecretaries of Ministries of Finance Committee, which took place in Muscat, Oman. The meeting focused on discussions regarding Gulf economic work, ways to enhance financial and economic cooperation, and preparation for the 119th Financial and Economic Cooperation Committee meeting. The delegation from the UAE, led by Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, included representatives from the Ministry of Finance and the Federal Authority for Identity, Citizenship, Customs and Port Security. Al Khoori emphasized the importance of the meeting as a significant opportunity to strengthen cooperation in various areas of common interest, to unify visions among GCC Undersecretaries countries, and explore new ways to enhance Gulf economic integration.
Several topics were discussed during the meeting, including the signing of an agreement to link the payment systems of the GCC countries, the program aimed at achieving economic unity among the GCC countries by 2025, and the Ministry of Finance’s commitment to work jointly to provide the best means of living and achieve prosperity for the GCC countries and its people.
Furthermore, the meeting addressed the results of several GCC-related meetings aimed at achieving unified approaches, including the 80th meeting of the GCC Undersecretaries Committee for Central Banks Governors, the 12th meeting of the GCC Committee of Heads and Directors of Tax Administrations, and the fifth meeting of finance ministers to discuss the initiatives of the G20 within the financial track.
In addition, the participants reviewed the technical status of free trade agreement negotiations between the GCC and the People’s Republic of China (PRC), as well as the decisions of the 23rd meeting of the Ministerial Committee concerned with following up on the implementation of decisions related to joint Gulf action.
Finally, the meeting concluded with the participants affirming their commitment to strengthen financial and economic cooperation between the GCC Undersecretaries countries, enhance Gulf economic integration, and address all obstacles preventing the achievement of Gulf unity.
The meeting is part of the ongoing efforts by the Gulf Cooperation Council countries to strengthen economic cooperation and integration among its member states. The GCC is a political and economic alliance made up of six countries in the Arabian Peninsula, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
During the meeting, the participants discussed a wide range of topics related to Gulf economic work, including ways to improve financial and economic cooperation, enhance Gulf economic integration, and address obstacles that prevent the achievement of Gulf unity.
They also reviewed the results of several recent meetings related to GCC Undersecretaries countries, including meetings of the GCC Committee for Central Banks Governors, the GCC Committee of Heads and Directors of Tax Administrations, and the GCC Common Market Committee. In addition, they discussed the proposed topics for the International Monetary Fund (IMF) to present studies on at the joint meeting of the Financial and Economic Cooperation Committee, the GCC Committee of Governors, and the Director General of the IMF.
The participants also reviewed the technical status of the free trade agreement negotiations between the GCC and the People’s Republic of China (PRC) and the decisions of the 23rd meeting of the Ministerial Committee concerned with following up the implementation of decisions related to joint Gulf action.
The meeting provided a valuable opportunity for representatives from the Ministry of Finance and the Federal Authority for Identity, Citizenship, Customs and Port Security to engage with their counterparts from other GCC countries and exchange ideas and best practices on a wide range of financial and economic issues. It also reaffirmed the UAE’s commitment to working collaboratively with its GCC partners to achieve common goals and improve the lives of its citizens.
