UAE reaffirms support for GCC’s economic integration efforts at 63^rd Trade Cooperation Council meeting

H.E. Al Zeyoudi: UAE is committed to supporting joint Gulf action in line with our wise leadership’s directives

H.E. Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, led the UAE delegation to the 63^rd Trade Cooperation Council meeting of GCC trade ministers, which was held at the GCC General Secretariat headquarters in Riyadh, KSA. The meeting, which was presided over by the Kingdom of Saudi Arabia, discussed ways to enhance the economic and trade integration between the GCC countries and means to increase trade flows between them in order to support the achievement of the GCC economies’ development goals. The UAE delegation included H.E Abdulla Ahmed Al Saleh, Undersecretary of the Ministry of Economy, and a number of other Ministry officials.

H.E. Al Zeyoudi reaffirmed the UAE’s commitment to further strengthening partnerships with fellow GCC states and supporting joint GCC action in order to enhance the trade and economic integration and non-oil trade exchanges among the bloc’s members. This is in line with the directives of the UAE’s wise leadership to drive the sustainable development of GCC economies, contributing to the prosperity and welfare of their people.

Several important topics on the GCC collaboration agenda were discussed during the meeting, which also saw the participation of HE Dr. Nayef Al Hajraf, GCC Secretary General, as well as Their Excellencies the Ministers of Trade and other officials relevant to trade sector in the GCC. The discussions further explored ways to support entrepreneurs and SMEs and provide them with the tools they need to succeed and grow their businesses in order to support the national economies, in addition to various initiatives aimed at contributing to the development of the bilateral trade and removing the barriers hindering the seamless movement of goods and commodities between the GCC states.

Furthermore, the meeting reviewed the steps to complete the Customs Union of the GCC States in accordance with the set schedule before the end of 2024, the unified trade laws, updates by the negotiation team with the GCC states and international conglomerates, and other topics of shared interest aimed at increasing bilateral trade and enhancing integration in various economic fields.

H.E. Al Zeyoudi said: “The UAE supports all topics on the Council meeting’s agenda, as they are of key importance in advancing the GCC economic and trade collaboration towards promising levels, in addition to enhancing the competitiveness of the GCC economies. The topics discussed during the meeting will contribute to solidifying the bloc’s vital position on the global trade map, which will reflect positively on FDI inflows to the region that will in turn help create sustainable business opportunities.”

On the sidelines of the meeting, H.E. Al Zeyoudi met with the heads of the GCC Chambers of Commerce and many notable entrepreneurs to review the visions of the trade and entrepreneurial sectors with regard to GCC’s economic integration, and their suggestions for the growth of the vital sectors and increasing their contribution to the GCC economies’ transition towards future economic sectors, as well as the integration and collaboration between the companies and entrepreneurs in the GCC states.

In this regard, H.E. emphasized the importance of the partnerships between the government and private sectors in the GCC states to increase the investment opportunities for SMEs in priority sectors.