UAE Joins GCC ‘Financial Cooperation’ meeting

During the meeting, members approved the UAE’s proposal for measurable targets and indicators for awareness programmes in the GCC Common Market. Members also approved the GCC Customs Union Authority’s strategy, which include the vision, mission, strategic objectives, initiatives, key performance indicators, and operational model, for the years 2024-2026. The comprehensive customs tariff schedule for the GCC countries was also approved.

In addition, members of the GCC Financial and Economic Cooperation Committee reviewed the latest developments in the technical status of the negotiations of the free trade agreement for the GCC countries. They also examined the latest developments in the signing and implementation of the payment linkage system agreement between the GCC countries, as well as the progress of the programme to achieve economic unity between the GCC countries by 2025.

Mohamed Hadi Al Hussaini highlighted the importance of overcoming the hurdles in the way of achieving the economic unity that the GCC countries aspire to, and the necessity to coordinate efforts across the GCC countries to establish the Customs Union.

He said, “These meetings are key to growing the common GCC economy, and reaffirming the commitment of the GCC countries to the economic integration that the region needs to achieve prosperity and sustainable development.”

The GCC Financial and Economic Cooperation Committee discussed the outcomes of the meetings of the GCC Customs Union Authority, the 82nd meeting of the GCC Committee of Central Bank Governors, the 39th and 40th meetings of the GCC Joint Market Committee, as well as the proposal for organising awareness programmes for school students.

In addition, the topics on which the International Monetary Fund should conduct studies were reviewed during the joint meeting of the GCC Financial and Economic Cooperation Committee, the GCC Governors Committee and the Director General of the International Monetary Fund. Moreover, the committee members reviewed the proposal to hold a joint GCC event at the headquarters of the International Monetary Fund during the annual meetings of the World Bank Group and the International Monetary Fund in the fall (October 2024).