(MENAFN- Mid-East Info)

• Reviewing the GCC economic unity programme
• Ministers discuss progress on completing the requirements of the GCC Customs Union
• Discussions address the periodic report on completing the requirements for the GCC Common Market

Mohamed bin Hadi Al Hussaini: The UAE is committed to supporting all initiatives that strengthen joint Gulf financial and economic cooperation

The UAE has taken part in the 124th Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held today in Kuwait, bringing together Their Excellencies, the Ministers of Finance of the GCC member states.

Led by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation featured H.E. Younis Haji AlKhoori, Undersecretary of the Ministry of Finance; H.E. Ahmed Abdullah bin Lahej Al Falasi, Acting Director-General of Customs and Port Security at the Federal Authority for Identity, Citizenship, Customs and Port Security; and H.E. Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA), in addition to senior officials from the Ministry of Finance.

The meeting discussed a wide range of issues, including the outcomes of the 85th meeting of the Committee of Governors of the Central Banks in the GCC Countries, recent sessions of the GCC Customs Union Authority, the 15th meeting of the Committee of Heads and Directors of Tax Departments in the GCC Countries, and the 43rd meeting of the GCC Common Market Committee.

Strengthening joint action:

Ministers also reviewed the status of free trade agreement negotiations between the GCC and international partners, as well as the latest developments regarding studies and projects overseen by the GCC Economic and Development Affairs Authority Office. The discussions further addressed advancements in the GCC Economic Unity Programme and reviewed the report on the upcoming Gulf Economic Forum, which will be held on the sidelines of the World Government Summit, in collaboration with the UAE Ministry of Finance and the GCC General Secretariat.

Institutional integration:

H.E. Al Hussaini stressed that the 124th session of the committee comes at a time of regional and global shifts that necessitate deeper financial and economic cooperation among GCC states. He noted that the next phase requires enhancing coordination to achieve institutional integration that strengthens the GCC's standing as an influential global economic bloc.

Al Hussaini added that reviewing progress on the GCC Customs Union and GCC Common Market follows the directives of Their Majesties and Highnesses, the GCC Leaders, who tasked Their Excellencies the Ministers of Finance with overseeing these two strategic projects, which represent a vital step in enhancing the GCC's collective economic strength in global markets.

Supporting initiatives:

Concluding his statement, H.E. Al Hussaini reaffirmed that the UAE is committed to supporting all initiatives that advance joint financial and economic cooperation in the GCC. He underlined the importance of building on the outcomes of this meeting through clear follow-up mechanisms and measurable performance indicators to ensure effective implementation of decisions and deliver tangible economic impact in the medium and long term.

The 124th Ministerial Meeting was held as part of the shared commitment of GCC states to developing economic integration, reinforcing the bloc's position as a cohesive entity capable of addressing global challenges, while unlocking broader prospects for sustainable development and prosperity for the region's people.

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