The Ministry of Finance (MoF) held the second meeting of the UAE Economic Committee for the GCC Common Market (GCM). Held at the Dubai Chamber of Commerce and Industry (DCCI), the meeting was chaired by HE Khalid Al Bustani, Assistant Undersecretary for International Financial Relations Sector at MoF. The meeting was attended by Mr. Ibrahim Hassan Rashid Al Jarwan, Head of the GCC and Arab Countries Department at MoF as well as representatives of the Ministry of Economy, Ministry of Interior, Federation of UAE Chambers of Commerce and Industry, the National Transport Authority, Securities & Commodities Authority, and UAE Chambers of Commerce.
The meeting highlighted recommendations made by the first meeting of theUAE’s economic team. It also reviewed the measures taken by the UAE’s teams established to monitor the proper working of the GCC Common Market. The committee also discussed the executive resolutions issued by the relevant authorities in this regard. These resolutions shed light on the UAE’s role in the implementation of the GCC Supreme Council dealing with the GCM. The meeting also reviewed the steps taken by the Securities & Commodities Authority to allow GCC Citizens to establish brokerage firms and own investment shares in the companies listed in the UAE’s stock markets.
Commenting on the meeting, HE Khalid Al Bustani, Assistant Undersecretary for the International Financial Relations Sector at MoF, stressed the active role played by the teams to raise awareness, enhance communications with various authorities working on the GCM and implement GCC economic integration and GCC economic citizenship.
“We will continue enhancing discussions and internal consultations among the authorities implementing GCM resolutions in the UAE aimed at overcoming constraints and making the GCC among the most cohesive economic blocs in the world”, HE Al Bustani, added.
Mr. Atiq Nassib, Senior Director, Commercial Services Department, Dubai Chamber of Commerce and Industry, said: “This team is one of the main tools through which we can discuss the issues and face the challenges that prevent us from implementing the system of the GCC Common Market in all its aspects – commercially, financially and economically.”
“What we look forward to achieving from these meetings is that we will realise the promise we gave to our members to raise their concerns with the relevant authorities in the GCC. We are ready to discuss and raise any issues that hold us back from developing our relations between investors in the GCC and other countries.”
MoF officials sought to make the Committee aware of the most important developments in the complaints system project aimed at dealing with obstacles facing UAE and GCC citizens in this regard. The complaints system has been drafted in the agenda of the team to overcome gaps and obstacles, as well as to issue more executive resolutions upgrading the proper working of the GCC Common Market.
The Ministry of Finance launched a special GCM page on its website for reviewing all executive resolutions related to the GCM as well as receiving complaints and observations. The first meeting of the UAE economic team responsible for monitoring the proper working of the GCC Common Market approved the formation of three working teams (Labor Team, Education & Health Team and Economic Team) in line with the economic GCM sectors mentioned in Article III of the Economic Convention. These teams are responsible for identifying the GCM economic vision and enhancing its proper working.
Finally, participants praised the efforts exerted by MoF to enhance GCC financial and economic integration and the GCC Common Market. They also thanked the Ministry for launching initiatives aimed at enhancing the UAE’s vital role in the implementation of GCC projects. It was agreed to organize regular meetings for discussing all relevant topics.