UAE reaffirms support for joint GCC efforts to develop intraregional trade
UAE reaffirms support for joint GCC efforts to develop intraregional trade
H.E. Thani Al Zeyoudi leads UAE delegation to the 62nd GCC Trade Cooperation Committee meeting
The UAE participated in the 62nd Gulf Cooperation Council (GCC) Trade Cooperation Committee meeting led by the Kingdom of Saudi Arabia, which took place at the GCC General Secretariat headquarters in Riyadh. The meeting discussed ways to strengthen trade and economic cooperation among GCC members and mechanisms for the development of intraregional trade.
H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led the UAE delegation to the meeting. The delegation comprised H.E. Abdulla Ahmed Al Saleh, Undersecretary of the Ministry of Economy, and H.E. Abdulla Sultan Al Fann Al Shamsi, Assistant Undersecretary. The Committee meeting was attended by H.E. Nayef Al Hajraf, GCC Secretary General, and ministers and officials who are responsible for the Committee’s trade file.
H.E. Al Zeyoudi said: “The UAE, under the guidance of its wise leadership, is keen to continue supporting GCC members’ joint efforts in the fields of trade, economy and investments through its active participation in all meetings and decisions in support of the region's trading system. These efforts contribute to promoting economic and trade integration among the GCC States, driving intraregional trade growth, facilitating its procedures, expanding and diversifying its activities, as well as developing trade between GCC and global markets.”
H.E. added: “The country is committed to promoting partnerships with other GCC members to add new dimensions to our mutual economic and trade relations. This is set to further strengthen the UAE’s position as a leading global model in trade and business sectors.” He noted that the meeting addressed several topics and important trade issues, such as trade flows, the flow of goods within the GCC, combating the challenges faced by the member countries in activating mutual trade efforts, as well as the development of e-commerce. In addition, the meeting discussed the establishment of coordination and collaboration mechanisms in upholding GCC standards, and the recent updates to the negotiating team with countries in the GCC. Ministers were further acquainted with the results of the WTO’s 12th ministerial conference.
Furthermore, the latest Committee meeting explored key topics including unified trade laws within the GCC countries and their re-evaluation every three years. During the meeting, it was decided that the Committee will take over the establishment of the GCC-Swiss Forum for the private sector, which aims to develop investment and trade partnerships between the two parties.
The meeting further witnessed the attendees agree on holding the annual GCC forum for entrepreneurship in conjunction with the Global Entrepreneurship Week, which takes place in November every year. The first edition of this forum was held in Oman last year, with the second edition set to be held in Saudi Arabia, third in Qatar, fourth in Kuwait, fifth in the UAE, and the sixth in Bahrain.
Apart from that, a set of initiatives to support the activities of entrepreneurs, knowledge economy, and SMEs, as well as to empower the youth in these sectors in the GCC was also discussed in the meeting. An integrated action plan was outlined to promote consumer protection in the region and it was decided that a set of meetings with specialized institutions will be held to begin the plan’s implementation.
