Implementing the UAE’s suggested targets and indicators for Gulf common market awareness

Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, led the UAE delegation at the 121st meeting of the Financial and Economic Cooperation Committee of the Gulf Cooperation Council countries in Doha, Qatar. The meeting had the participation of members of the committee and focused on various aspects of economic cooperation within the Gulf region.

During the meeting, the UAE presented a vision for measurable targets and indicators for awareness programs in the Gulf common market, which was approved. The meeting also approved the strategic outputs of the Customs Union Authority for the years 2024-2026, including the integrated customs tariff schedule for GCC countries.

Discussions were held on the progress of negotiations for a free trade agreement among GCC countries, as well as the signing and ratification of the payment linkage system agreement. The meeting also reviewed the program aimed at achieving economic unity among GCC countries by 2025.

The UAE delegation included officials from the Ministry of Finance and the Federal Authority for Identity, Citizenship, Customs and Port Security. Mohammed bin Hadi Al-Husseini emphasized the importance of overcoming obstacles to achieve economic unity and the need for coordinated efforts among GCC countries for the customs union.

The committee also discussed the results of various meetings, including those of the Customs Union Authority, Central Bank Governors Committee, and the Joint Market Committee. Topics proposed for studies by the International Monetary Fund were reviewed, and plans for a joint Gulf event at the IMF headquarters were discussed.

Overall, the meeting focused on enhancing economic cooperation and integration among GCC countries to achieve prosperity and sustainable development in the region.