MoF takes part in 1st GCC Common Market CMTE- FGCC Chambers meet
September 22, 2023 / 3:37 PM
Sharjah 24 – WAM: A UAE delegation participated in the inaugural meeting between the Gulf Cooperation Council (GCC) Common Market Committee and the Federation of GCC Chambers of Commerce and Industry (FGCC Chambers) at the headquarters of the Advisory Board of the GCC Supreme Council in Muscat, Oman.
The meeting discussed ways to accelerate the completion of GCC common market requirements under the 2022-2024 plan to benefit the economies of GCC states and their societies and enhance their global economic competitiveness.
The UAE delegation included representatives from the GCC Affairs Department at the Ministry of Finance.
Younis Al Khoori, Under-Secretary at the UAE Ministry of Finance, confirmed that joint initiatives are in progress with partners in the GCC to establish the fundamental elements required to establish a cohesive GCC common market. This endeavour aligns with the financial and economic plans of all member states, seeking to fully capitalise on potential opportunities to promote balanced and sustainable economic growth in the region.
Al Khoori reiterated that many steps and procedures are required to enhance investments in the common market and various economic activities that business communities in the member states look forward to. The goal is to develop cooperation mechanisms with other partner GCC states to accelerate the realisation of the desired and promising market pathways that achieve the aspirations of their communities.
The meeting was the first in a series covering the common market. It addressed the challenges facing the common market’s requirements, in addition to the remaining steps to establish the customs union and implement the pathways of the common market, according to a specific timeline, in line with the GCC Common Market Committee 2022-2024 implementation plan.