H.E. Bin Touq underscores the importance of intensifying joint efforts to support economic growth amid current circumstances

Abu Dhabi: His Excellency Abdulla bin Touq Al Marri, Minister of Economy and Tourism, participated in the 70th meeting of the GCC Trade Cooperation Committee, held virtually. The meeting discussed a range of strategic topics and initiatives aimed at strengthening trade and economic cooperation among member states, expanding market integration, and supporting the stability and growth of business environment in the GCC.

H.E. Bin Touq affirmed that the UAE places strong emphasis on supporting and strengthening GCC’s joint efforts across various fields, particularly on economic and investment fronts. He emphasised the need to intensify efforts to enhance the growth of GCC economy and expand its competitive capabilities, reinforcing its regional and global standing.

His Excellency said: “The Committee meeting represents an important milestone amid current circumstances, as it provides a valuable opportunity to develop further initiatives, legislation, and policies that enhance the economic resilience of GCC countries. Today’s discussions are key to supporting pathways for investment and development integration, and promoting greater economic openness, contributing to the sustainability of economic and social development across GCC countries.”

His Excellency added that the current phase calls for sustained efforts to advance a more integrated and resilient economic environment, underpinned by the modernisation of economic and trade legislation, the fostering of innovation and entrepreneurship, and the acceleration of digital transformation.

In detail, the meeting discussed mechanisms for enhancing cooperation between the GCC member states and major economic blocs to support their presence in global markets. It also reviewed the continued development of unified GCC trade legislation, particularly the common frameworks for competition and e-commerce across member states, which will boost the competitiveness of Gulf trade and facilitate the flow of goods and services through digital platforms.

The Committee also examined member states’ efforts to support GCC’s investment environment, combat commercial fraud, and strengthen consumer protection. It further addressed the development of the intellectual property (IP) ecosystem through restructuring the patents committee into a broader IP committee, and the formulation of unified strategies to safeguard creativity. In addition, the meeting reviewed progress on a proposal for a virtual GCC business incubator aimed at supporting the growth of SMEs and expanding their presence in the GCC common market.

The meeting also discussed preparations for the second China-GCC Economic and Trade ministerial meeting, as well as the second edition of the Economic and Trade Cooperation Forum between the two sides, aimed at exploring enhanced cooperation and expanding economic and investment partnerships.

For further information, please contact:
Orient Planet Group (OPG)
Tel:  +971 4 4562888
Email: media@orientplanet.com
Website: www.orientplanet.com