RIYADH, March 31, (KUNA): Kuwait’s Minister of Commerce and Industry Ahmad Al-Haroun said here on Wednesday the first meeting of chiefs of the capital market authorities of the Gulf Cooperation Council (GCC) members adopted steps to enhance integration of the authorities. Speaking to reporters after the one-day meeting, Al-Haroun, chairman of the current ministerial session, said the results of the meeting would be tabled to the coming GCC ministerial meeting as a prelude to enforcing them. “Coordination of the financial policies is the key to prod economic growth and integration of the capital markets of the GCC members,” the Kuwaiti minister underscored.

He urged for more concerted efforts to enhance cooperation and set the stage for the GCC, the free trade area, the common market, the customs union, the monetary council and the single currency. In a keynote address to the meeting earlier in the day, Al-Haroun said the meeting aimed to outline the mechanisms necessary for enforcing the fifth article of the GCC economic agreement. “After finalizing the accelerated procedures of economic integration, we suggest launching a technical panel affiliated to the ministerial committee with chiefs of the GCC capital market authorities taking part to facilitate the integration process,” he said.

Meanwhile, GCC Secretary-General Abdulrahman Al-Attiyah said today’s meeting fell in the framework of the implementation of the outcome of 30th GCC summit, hosted by Kuwait on December 14-15, 2009. “The meeting outlined what can be called a road map for cooperation and integration among the GCC capital markets,” the GCC chief affirmed.