Muscat, Oman: A delegation from the United Arab Emirates participated in the inaugural meeting between the GCC Common Market Committee and the Federation of GCC Chambers of Commerce and Industry (FGCC Chambers) at the headquarters of the Advisory Board of the GCC Supreme Council in Muscat, Sultanate of Oman. The meeting discussed ways to accelerate the completion of GCC common market requirements in accordance with the 2022-2024 plan, to benefit the economies of GCC states and their societies and enhance their global economic competitiveness. The UAE delegation included representatives from the GCC Affairs Department at the Ministry of Finance.

His Excellency Younis Al Khoori, Undersecretary at the UAE Ministry of Finance, confirmed that joint initiatives are in progress with partners in the GCC, to establish the fundamental elements required for the establishment of a cohesive GCC common market. This endeavour is in line with the financial and economic plans of all member states, seeking to fully capitalize on potential opportunities to promote balanced and sustainable economic growth in the region.

His Excellency said: “The UAE, guided by the vision of its wise leadership, is keen to accelerate access to the GCC common market, which benefits the region’s economies and peoples. Following the directives of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, the Ministry of Finance is coordinating efforts with the GCC Common Market Committee, the FGCC Chambers, and various specialised committees to address the challenges facing the completion of the GCC common market and to support the GCC private sector to reach a system ready to keep up with the opportunities of the economy of the future.”

His Excellency added: “Achieving the desired goals within the GCC Common Market Committee’s work plan 2022-2024, and other initiatives in which we cooperate with the FGCC Chambers and the GCC Common Market Committee, requires continuous coordination. Therefore, this meeting was called to discuss opportunities for collaboration, accelerate the exchange of information, and complete the requirements of the GCC Common Market and its digital transformation strategy.”

His Excellency also reiterated that many steps and procedures are required to enhance investments in the GCC common market and various economic activities that business communities in the member states are looking forward to. The goal is to develop cooperation mechanisms with other partner GCC states to accelerate the realisation of the desired and promising market pathways that achieve the aspirations of their communities.

The meeting was the first in a series of meetings covering the GCC common market. It addressed the challenges facing the realisation of the requirements of the GCC common market, in addition to the remaining steps to establish the customs union and implement the pathways of the GCC common market, according to a specific timeline, in line with the implementation plan of the GCC Common Market Committee 2022-2024.

The meeting’s agenda also included the various ways of supporting the GCC private sector, professional groups, and commercial activities, and applying equality in treating company branches as national companies within the framework of enhancing joint economic cooperation in the GCC.

In parallel, the GCC Common Market Committee held its 38th meeting at the headquarters of the Advisory Board of the GCC Supreme Council in Muscat, to complete its work, follow up on the implementation of the decisions of the Financial and Economic Cooperation Committee, discuss digital transformation topics related to the market and its investments, and update its statistical data.

About the Ministry of Finance

The Ministry of Finance of the United Arab Emirates was established as a sovereign ministry under Federal Decree No. (2) of 1971 to assume responsibility for implementing all financial policies related to economic development in the country, foremost of which is preparing and allocating the federal budget, managing the government’s financial situation, and providing services to the government and business sectors, as well as individuals. His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, serves as Minister of Finance, heading the UAE’s economic and financial interests. His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, aims to achieve the Ministry’s strategic objectives.

The Ministry of Finance operates in accordance with a realistic yet ambitious strategic plan to perform its tasks and services in line with international best practices. The Ministry strives to achieve six key strategic goals, namely, enhancing financial planning in the Federal Government and the sustainability of public finances; raising the efficiency and effectiveness of budget execution, while managing the Federal Government’s financial position and cash flows; overseeing the UAE’s financial and economic interests at the international level; boosting the country’s competitiveness in financial and economic fields; providing all administrative services in accordance with the highest standards of quality, efficiency, and transparency; and finally, promoting a culture of innovation in the corporate work environment.

The Ministry includes five main sectors: the government budget and revenue sector, tax legislation sector, government financial management sector, international financial relations sector, and support services sector. It also includes the Federal Debt Management Office, General Budget Committee, Government Financial Policy Coordination Council, and the Financial Restructuring Committee.

For more information, please contact:
Tasnim Hijazi
APCO Worldwide