The Ministry of Finance convened its inaugural dialogue today with senior officials from national companies operating within the Gulf Cooperation Council (GCC) states.
The event focused on advancing joint economic efforts and enhancing financial integration across the region.
Attended by key figures including Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and representatives from over 80 national companies, the meeting addressed opportunities and challenges related to the Gulf Common Market and Customs Union. Al Hussaini emphasized the Ministry's commitment to fostering cooperation and partnerships to strengthen the Gulf economy, stating, “Economic and financial integration among the GCC countries is a key pillar for achieving shared progress and prosperity.”
The dialogue included presentations from various ministries and highlighted the importance of national companies in driving economic development. Topics discussed included the current status of the Customs Union and Gulf Common Market, as well as future steps to ensure their effective implementation.
Key projects advancing the Customs Union were also outlined, with an average completion rate of 67% for 20 ongoing initiatives. These projects aim to unify customs procedures, standardize goods descriptions, and enhance transparency in trade regulations.
Discussions underscored the private sector's pivotal role in achieving economic integration. Speakers advocated for strengthening public-private partnerships to remove trade barriers and facilitate continuous economic dialogue among GCC member states.
As the region navigates an evolving economic landscape, the Ministry of Finance remains dedicated to creating an open platform for collaboration, aiming to bolster the GCC's economic framework and support national companies in realizing their ambitions.
News Source: Emirates News Agency
