UAE Leads Delegation at 121st GCC Financial and Economic Cooperation Committee Meeting

UAE, 25 June, 2024 : His Excellency Mohamed Hadi Al Hussaini, UAE Minister of State for Financial Affairs, led the UAE delegation at the 121st GCC Financial and Economic Cooperation Committee meeting in Doha on May 30.

The committee approved the UAE’s proposal for measurable targets in GCC Common Market awareness programs, the GCC Customs Union Authority’s strategy for 2024-2026, and a comprehensive customs tariff schedule. They also reviewed the technical status of GCC free trade agreement negotiations, the implementation of a payment linkage system, and progress towards achieving economic unity by 2025.

The UAE delegation included key officials such as His Excellency Ahmed Abdullah bin Lahej Al Falasi, Director-General of Customs, and Ibrahim Hassan Al Jarwan, Director of the GCC Affairs Department.

His Excellency Al Hussaini emphasized the importance of overcoming hurdles to economic unity and coordinating efforts to establish the Customs Union, stating that these meetings are crucial for GCC economic growth and integration.

The committee also discussed outcomes from various GCC meetings, including those of the GCC Customs Union Authority, Central Bank Governors, and Joint Market Committee. They reviewed proposals for IMF studies and the possibility of hosting a joint GCC event at the IMF headquarters during the World Bank Group and IMF annual meetings in October 2024.

Source : www.mof.gov.ae