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The Ministry of Finance held the first dialogue in Dubai with senior officials of national companies operating in the Gulf Cooperation Council countries, during which the progress of joint Gulf economic work was reviewed, ways to enhance economic and financial integration between the Council countries were discussed, opportunities and challenges in the Gulf Common Market and Customs Union were highlighted, and the role of national companies in strengthening the Gulf economy was highlighted..
The event was attended by His Excellency Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs, Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, Saeed Rashid Al Yateem, Assistant Undersecretary for Budget and Government Revenue Affairs at the Ministry of Finance, Maria Hanif Al Qassim, Assistant Undersecretary for Economic Policies and Studies at the Ministry of Economy, Humaid Mohammed bin Salem, Secretary General of the Federation of UAE Chambers, Mohammed Ali Rashid Lootah, Director General of Dubai Chambers, Dr. Ahmed Rashid Al Shamili, Acting Director General of the Ras Al Khaimah Chamber of Commerce and Industry, Safia Hashim Al Safi, Acting Assistant Undersecretary for Commercial Control and Governance Sector at the Ministry of Economy, Fatima Yousef Al Naqbi, Acting Assistant Undersecretary for Support Services Sector at the Ministry of Finance, Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations Affairs at the Ministry of Finance, and senior officials from more than 80 national companies..
Representatives from the Ministries of Finance, Economy, Industry and Advanced Technology, the Federal Authority for Identity and Citizenship, and Customs and Ports Security participated in the presentations during the sessions..
The dialogue aims to build bridges of communication between the Ministry of Finance and officials of national companies operating in the GCC countries, in order to enhance awareness of the importance of Gulf economic integration, share experiences and results on the progress of work in the customs union and the Gulf common market, and review future steps to implement their paths, in a way that contributes to achieving the desired economic integration..
Drive development
Mohammed Al-Hussaini said: “This dialogue embodies the Ministry of Finance’s constant endeavor to open new horizons for cooperation and expand the scope of partnerships with all parties concerned and supporting the Gulf economic integration process. The Ministry, through its active role in the joint Gulf economic work system, believes that economic and financial integration between the GCC countries is a fundamental pillar for achieving progress and joint prosperity. Based on our work under the umbrella of the Unified Economic Agreement, we seek together to achieve the Council’s vision towards strengthening the Gulf Common Market, which represents a great opportunity to drive the wheel of economic development between the GCC countries.”».
“The Ministry of Finance is keen to provide a transparent and open platform for dialogue, where economic and financial issues of common interest are discussed, and constructive ideas and initiatives are put forward, especially since we live today in a world that is witnessing rapid economic developments, which requires us to join efforts and work together. Hence, national companies operating in the GCC countries play a pivotal role in supporting the economic development process, highlighting the strength and diversity of our economies through joint initiatives, developing a solid economic infrastructure, and diversifying sources of income,” he added.».
His Excellency Mohammed Al Hussaini stressed that highlighting the successes in the joint Gulf economic work process, and exploring future cooperation opportunities, with a focus on how to support national companies operating in the GCC countries to achieve their ambitious goals, represents an important step towards achieving more integration between the GCC countries in various economic fields, pointing out that the customs union and the common Gulf market, which were established based on the foundations of joint economic cooperation, provide our national companies and investors with great opportunities to expand their businesses, and benefit from economic and financial integration..
Dialogue
The Ministry began the event with a presentation on the Gulf economic work process and the stages of economic integration, starting with the signing of the economic agreement, passing through the stages of free trade and the customs union, and reaching the Gulf common market, in addition to the most prominent projects being followed up within the framework of the Financial and Economic Cooperation Committee, and the decisions issued at the level of the Cooperation Council related to the customs union and the Gulf common market, where the focus was on completing the remaining steps for the establishment of the customs union, and implementing the paths of the Gulf common market, according to a specific timetable..
The dialogue also included a presentation on the Gulf Customs Union, activating the work of the Customs Union Authority and the decisions of the Board of Directors, and the percentages of completion of the projects required for the establishment of the Customs Union, which amount to 20 projects, 18 of which are under construction with an average completion rate estimated at 67%, most notably the implementation of a unified detailed list for describing and coding goods, adopting and implementing unified customs procedures for security and safety at all first entry points, determining a model for customs data, according to the models of the World Customs Organization, and standards for collecting information at the level of the GCC countries, and working to cancel border customs control, in addition to developing a unified mechanism for the movement of goods and unifying the list of restricted goods and prohibited goods, unifying non-customs restrictions within the GCC countries and agreeing on a temporary mechanism for dealing with national goods until the tariff is unified, and harmonizing trade policies in the Customs Union..
The dialogue covered several topics, highlighting the challenges facing the common Gulf market, such as the disparity of economic systems and legislation between the GCC countries, and the need to unify monetary and financial policies to achieve a more integrated Gulf market. The discussions also touched on the importance of enhancing transparency and facilitating the movement of capital and goods between the GCC countries, which contributes to creating an attractive investment environment for companies and investors..
The role of the private sector
The event discussed the role of the private sector in enhancing economic integration among the GCC countries, and stressed that the private sector can be a strong catalyst for economic growth through investment in infrastructure and innovation projects, in addition to creating pioneering initiatives that enhance the competitiveness of the GCC economies..
The speakers pointed out that strengthening the partnership between the public and private sectors is essential to achieving the strategic objectives of the Gulf Common Market, by removing trade barriers and organizing regular economic dialogues to exchange expertise and best practices among the GCC countries..
