Enhancing Financial and Economic Collaboration within the GCC, as Stressed by Al-Munifi
On today's agenda (Wednesday), Aseel Al-Munifi, Undersecretary of the Ministry of Finance, emphasized the need for strengthening financial and economic ties among the Gulf Cooperation Council (GCC) nations. In her illuminating address during the 73rd gathering of the Committee of Undersecretaries of the Ministries of Finance, Al-Munifi focused on pivotal matters that would heighten economic integration and financial collaboration within the GCC region.
In this forefront meeting, several critical topics were tackled, such as the outcomes of the Customs Union Authority deliberations, which strive to reinforce unified customs policies and boost economic and trade coordination. Another hot topic was the 14th session of the Committee of Heads and Directors of Tax Departments, where discussions revolved around tax-related cooperation across GCC states.
Moreover, proposed modifications to the minimum specific duty on tobacco products in the unified customs tariff indicated ongoing efforts to harmonize fiscal policies concerning goods. Furthermore, the mechanism for implementing Gulf standards for defining national products was debated to lend support to regional products and markets.
The revitalized GCC economic unity program planned to make its mark by 2025 was also discussed. Additionally, follow-ups on implementing resolutions from the committee's 122nd meeting and other pertinent financial and economic policy coordination matters among the GCC were discussed.
A unified vision to boost coordination, integration, and unity across sectors was the driving force behind the discussions aimed at humbly improving the quality of life for citizens. Notably, GCC states continue to show commitment to solidifying frameworks of cooperation and integration to unite the Gulf economically.
Dr. Khaled Al-Sunaidi, Assistant Secretary-General for Economic Affairs at the GCC General Secretariat, echoed Al-Munifi's sentiments, firmly asserting that the gathering tackles crucial issues in the pursuit of deeper financial and economic collaboration. Ironically, the meeting would touch upon recommendations from numerous key committees, such as the Committee of Governors of Monetary Institutions and Central Banks, the Customs Union Authority, and the Gulf Common Market Committee.
Dr. Al-Sunaidi expressed confidence that the meeting's outcomes would engender decisions that foster closer economic convergence among the GCC's member states. All recommendations resulting from this meeting are scheduled to be submitted to the Financial and Economic Cooperation Committee of the GCC finance and economy ministers, who will review and endorse them during their subsequent assembly.
- The Customs Union Authority's deliberations, discussed in the meeting, aim to reinforce unity in customs policies and boost economic and trade coordination, contributing to the broader goal of financial and economic collaboration within the Gulf Cooperation Council (GCC).
- Proposed modifications to the minimum specific duty on tobacco products in the unified customs tariff indicate ongoing efforts by GCC states to harmonize fiscal policies regarding goods, furthering the objective of economic integration and financial collaboration.
- In the meeting, Dr. Khaled Al-Sunaidi, Assistant Secretary-General for Economic Affairs at the GCC General Secretariat, emphasized that the meeting's outcomes would be submitted to the Financial and Economic Cooperation Committee of the GCC finance and economy ministers for review and endorsement, reflecting the commitment of the GCC states to deeper financial and economic collaboration.
