Khaleej Times, Sunday, Sep 17, 2023 | Rabi Al-Awwal 2, 1445
UAE supports GCC trade, industry, investment integration and non-oil growth
The UAE appreciates the key role played by the GCC's sub committees, especially
those concerned with consolidating trade, industrial and investment cooperation
to create new paths that support joint GCC action in all areas of common
interest, a UAE minister has said.
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led the UAE
delegation participating in the 65th GCC Trade Cooperation Committee meeting,
the 51st GCC Industrial Cooperation Committee meeting, and the sixth meeting of
the GCC Ministerial Committee for Standardisation.
Al Zeyoudi asserted that the UAE, led by the President, His Highness Sheikh
Mohamed bin Zayed Al Nahyan, is keen on enhancing cooperation and driving
further development of GCC economies, thus fostering shared economic prosperity,
global competitiveness, and the well-being of their people.
Al Zeyoudi said: "The structural reforms to the economic policies of GCC
countries over the past years have contributed to diversifying their economies
and raising the contribution of non-oil sectors, especially the industrial
sector, to their respective GDPs. It has also increased the volume of their
foreign trade and strengthened their position as permanent FDI hubs for
investment in various sectors.
"Nonetheless, there are still further enhancements needed in the GCC's economic
and industrial strategies and approaches to create more opportunities for the
new economic models such as startups, cooperatives, and family businesses, among
others. Embracing the pillars of the future economy, which are knowledge,
innovation, and advanced technology is equally important in order to enable
these sectors to make significant contributions to supporting the growth of GCC
economies," he added.
Al Zeyoudi reiterated the UAE's support for all important outcomes of the trade
cooperation, ministerial cooperation and standardisation affairs committee
meetings, in a way that contributes to advancing the GCC's progress and
strengthens its leading position on the global economic landscape. He pointed
out the importance of strengthening public-private Partnership in the GCC
countries and providing all enablers for the growth of foreign trade and
industrial sectors to provide more opportunities for the private sector.
With the participation of the ministers of trade and industry; members of the
Ministerial Committee for Standardisation Affairs; and Jassim Mohammed
AlBudaiwi, GCC Secretary General, the three committee meetings addressed several
issues that concern the GCC's private sector and contribute to the trade,
industrial and investment integration between them.
The 65th GCC Trade Cooperation Committee meeting discussed several important
topics that support frameworks for GCC's economic and trade integration,
including the creation of a permanent committee concerned with investment issues
and stimulating investment exchanges among the GCC countries. This committee
shall adopt innovative legislation, flexible mechanisms, and the means to
increase trade exchanges between the GCC countries, through the development of a
set of trade laws. Most notably, these include the Consumer Protection Law and
the Competition Law, in addition to the preparation of a unified mandatory
legislative framework for e-commerce in the GCC countries.
Meanwhile, the 51st Industrial Cooperation Committee meeting addressed the
adoption of the executive regulations for the Unified Industrial Regulatory
System, as well as the amended regulations exempting industry inputs from
customs duties. The meeting discussed the proposal to establish an e-information
platform featuring GCC's industrial projects, and another proposal regarding the
white paper for industry field, and goods subjected to collective protection. It
also discussed a report on the experiences of the GCC countries in future
industries, and another report on developments in finding a unified definition
for local products and the standards they must follow.