GCC Moves Closer to Unified Economic Citizenship with New National Product Definition

UAE, 23 September, 2024 : The Gulf Cooperation Council (GCC) is moving closer to a consensus on a unified definition of Gulf national products, a key step toward establishing Gulf "economic citizenship" and enhancing the region's industrial sector. This was discussed during the fifth extraordinary meeting of the Undersecretaries of the Ministry of Industry, held in Doha.

Mohamed bin Hassan al-Malki, Undersecretary of Qatar’s Ministry of Commerce and Industry, stressed the importance of implementing criteria for this definition to foster cooperation among GCC countries. He noted that this effort will contribute to the advancement of various economic sectors, particularly industry.

The meeting addressed the report on Gulf National Product Standards and adopted recommendations aimed at economic integration and sustainable development. Discussions included defining localization percentages, selecting appropriate incentives for competitiveness, and reviewing member states' progress.

Article 3 of the 2001 Economic Agreement emphasizes the principle of equal treatment for all GCC nationals in economic matters, reinforcing the commitment to economic integration among member states.

Source : www.zawya.com