UAE reiterates support for GCC’s joint efforts to enhance intra-trade prospects, facilitate investment flows & establish unified legislative framework for e-commerce

H.E. Al Zeyoudi lauds Committee’s efforts in prioritizing SME support, easing export procedures and updating laws, regulations, and rules governing intra-trade exchanges

 Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led the UAE delegation at the 66th GCC Trade Cooperation Committee meeting, which took place on Wednesday, 1 May 2024, in Doha, Qatar. The delegation included Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy; Abdullah Sultan Al Fan Al Shamsi, Assistant Undersecretary of the Ministry of Economy for the Control and Commercial Governance Sector; and H.E. Juma Mohammed Al Kait, Assistant Undersecretary for International Trade Affairs.

The meeting covered various topics aimed at fostering a dynamic GCC economic landscape for the private sector. It explored the means to boost regional trade opportunities, support GCC entrepreneurs and SME-owners, set up a dedicated committee for investment matters, and discuss updates on the GCC Commercial Arbitration Center. Furthermore, the session explored potential amendments to commercial laws concerning consumer protection, competition regulations, e-commerce, and digital trade.

H.E. Al Zeyoudi confirmed that the UAE, following the directives of its wise leadership, is committed to furthering support for GCC states’ collaborative efforts to achieve greater integration and prosperity. It serves the interests of member states, boosts the competitiveness of local businesses, and fosters partnerships in key economic sectors.

H.E. said: “We laud the Trade Cooperation Committee’s efforts, particularly those in attracting foreign investments, prioritizing support for SMEs, expediting business startup programs, easing export procedures, amending laws, regulations, and rules governing trade exchange, intra-trade, and investment flows among member nations under the Free Trade Agreement between GCC countries. This will strengthen the committee’s role in generating investment prospects for local entrepreneurs and project owners, enhancing the sustainability, growth, and global competitiveness of GCC economies.”

The meeting witnessed a comprehensive discussion on strategies to invigorate the GCC business landscape and foster collaboration frameworks among member states. This objective can be accomplished through boosting intra-GCC trade, streamlining import and export processes, and giving priority to SMEs in the GCC countries in government tenders and auctions.

The Committee also deliberated on various mechanisms to offer assistance to entrepreneurs in the region. These strategies include implementing training programs, facilitating the exchange of expertise and experiences, promoting investment and partnerships, initiating business accelerator and establishment programs, as well as facilitating the registration of patents across all member states. The objective is to harness the growth enablers of the private sector.

In addition, the meeting emphasized the significance of enhancing collaborative efforts in establishing an investment committee. This committee will focus on the advancement of local and intra-regional investments, attracting FDI and fostering partnerships with regional economic blocs and organizations. Apart from benefiting member states and their economies, this will also create opportunities for cooperation with partners and investment ecosystem stakeholders in the region.

The Committee members engaged in a thorough discussion on the most recent advancements in the Commercial Arbitration Center. They also delved into amendments to the commercial laws and regulations in the GCC member states, keeping pace with technology advancements and economic shifts, particularly in areas such as the regulation of competition and consumer protection. Additionally, the Committee highlighted the importance of establishing a unified GCC legislation for commercial franchising, which would effectively regulate the legal relationship between franchisors and franchisees. Ultimately, this initiative aims to promote trademark and franchise expansion among member states.

Another area of focus during the discussions was the establishment of a legislative framework for electronic and digital commerce among the GCC countries, ensuring adherence to the procedural regulations of each country. A team of legal experts will oversee the process. The primary objective is to promote and strengthen electronic and digital commerce within the member states' markets. Additionally, there is an emphasis on leveraging their collective expertise in this field.

The Committee also evaluated the arrangements for the second China-GCC Economic and Trade ministerial meeting. It discussed preparations for the accompanying forum, as well as planning for the first session of the China-GCC Forum on Industrial and Investment cooperation, which will be hosted by China this month. The goal of these meetings is to enhance economic and trade collaboration, particularly in areas such as investment, industry, and technology. Additionally, these efforts aim to establish a free trade agreement between China and the GCC, which would benefit both parties.