UAE reiterates commitment to creating sustainable means to promote GCC’s economic integration & boosting investment exchanges

64th GCC Trade Cooperation Committee meeting takes place in Muscat

H.E. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led the UAE delegation at the 64^th GCC Trade Cooperation Committee meeting, which took place on May 11, 2023, in Muscat, Oman. The delegation consisted of H.E. Abdulla Al Saleh, Undersecretary of the UAE Ministry of Economy; and Abdullah Sultan Al Fan Al Shamsi, Assistant Undersecretary for the Monitoring and Follow Up Sector at the Ministry of Economy.

H.E. Al Zeyoudi emphasized that the UAE is committed to promoting cooperation among GCC states, in implementation of its wise leadership’s directives to create sustainable means to promote the bloc’s socio-economic development, thus ensuring the prosperity of its people.

The meeting was attended by H.E. Jassim Muhammad Al Budaiwi, GCC Secretary General, as well as ministers and officials concerned with the trade sector in all member states. The meeting addressed key issues that support economic and trade integration among GCC countries. These included procedures for completing the establishment of GCC Customs Union on schedule before the end of 2024; the unified trade laws of 2023; as well as the mechanisms to encourage investments in joint projects in GCC states. Besides, the meeting discussed enhancing private sector participation in these projects through studying the formation of a technical committee on investment.

Additionally, the meeting explored means to boost trade exchanges between the member states to support their sustainable economic development and promote their flexibility and competitiveness, as well as the updates to the negotiation team with countries in the GCC. The upcoming Gulf-Turkish forum, which is set to be held in Istanbul, Turkey, from 4-5 October 2023, and its role in promoting investment cooperation between the two sides, especially in the fields of agriculture, food, infrastructure, transportation, logistics, tourism, finance, and energy were also discussed.

H.E. Al Zeyoudi added: “The UAE recognizes the Committee’s key role in creating new means to support GCC’s joint efforts in all vital fields, through proposed key topics on its agenda. These topics support further economic integration between member states, consolidating the bloc’s position as an attractive destination for sustainable investments. It will help create more sustainable job opportunities in new economy sectors and increase their contributions to our national GDPs.”

Furthermore, H.E. Al Zeyoudi affirmed the UAE’s support for all outcomes of the latest Committee meeting. He underlined the necessity to promote private-government sector partnerships in GCC countries; offer all growth enablers for startups in general, and advanced tech companies specifically, considering them as key pillars of a knowledge economy based on innovation.