Following its commitment to support the UAE in strengthening GCC joint action on financial and economic integration, the Ministry of Finance (MoF), represented by the International Financial Relations Department, has held a second brainstorming session in Dubai.
The session aimed at exchanging ideas, providing initiatives and proposals to further facilitate trade as well as promote the benefits of economic integration among member states of the Cooperation Council for the Arab States.
The Ministry initiated the brainstorming session and invited participation from representatives from the Ministry of Foreign Affairs, the Ministry of Interior, the Ministry of Economy, the Ministry of Education, the Securities and Commodities Authority, the Federal Authority for Government Human Resources, as well as the Federation of UAE Chambers of Commerce and Industry. Participants also included representatives from the Dubai Economic Council and the Abu Dhabi Council for Economic Development.
Participants raised a number of topics during the session including increasing Gulf intra-regional trade, addressing trade barriers, the commitment of member states to implement the GCC Supreme Council’s economic decisions, as well as methods to strengthen the private sector’s role and encourage joint projects that support economic integration between GCC countries.
Commenting on the brainstorming session, HE Younis Haji Al Khouri, Undersecretary of MoF, said: “Being the responsible entity on a national level, the Ministry seeks through this second brainstorming session to emphasise its commitment to implementing tasks entrusted to it to promote Gulf economic integration and the Gulf common market. This is part of our efforts to open up a wide range of investment opportunities between GCC countries and optimise the use of resources.”
HE added: “The brainstorming sessions organised by the Ministry are an essential platform for communication and discussion among various federal and local government entities so as to enhance opportunities for individuals and companies to take advantage of all the benefits provided through Gulf economic integration. These sessions are also designed to open channels of communication between these entities as well as explore different views in their respective fields.”
In addition, participants reviewed ways to reduce the impact of yet to be issued laws and regulations and reducing regulatory obstacles. Also addressed was the need to prepare a consolidated list on tariff protection as well as the lack of awareness among traders and customs officials.
For more information:
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