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Wednesday , August 17 2022

Meet urges ‘access’ to economic unity among GCC states by 2025

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Finance min participates

KUWAIT CITY, Jan 23: Minister of Finance and Minister of State for Economic Affairs and Investment Abdulwahab Al-Rasheed participated on Sunday in the 105th meeting of the GCC Financial and Economic Cooperation Committee via video link. The Ministry of Finance said in a press statement that during the meeting, a number of topics related to the Gulf economic work were discussed, foremost of which is the briefing on the economic decisions issued by the Supreme Council in its 42nd session, urging access to economic unity among the GCC states by 2025.

Abdulwahab Al-Rasheed, Minister of Finance and Minister of State for Economic Affairs and Investment

It indicated that the committee reviewed the memorandum of the General Secretariat regarding the completion of the remaining steps for the establishment of the customs union and the memorandum of the General Secretariat on the completion and implementation of the tracks of the GCC common market according to a specific timetable before the end of 2024. It added that the ministers also discussed the proposal of the Customs Union Authority regarding activating its work and granting it full powers to perform its tasks in accordance with best practices that support the completion of all the requirements of the Customs Union.

On the other hand, the Ministry of Finance said that the Undersecretary of the Ministry, Aseel Al-Munifi, participated in the seventh meeting of the Committee of Undersecretaries of the Ministries of Finance in the Arab Countries, via video call. She explained that the digital transformation strategies in government stock markets in the Arab countries, the digitization of tax collection in the Arab countries, the modernization of the state’s role to stimulate growth driven by the private sector, and the challenges of the health sector on macroeconomic transformations in the Arab region were also discussed. She stated that the digitization of government payments and transfers, the publication of public finance statistics, corporate tax reforms, and the experiences of emerging economies and developing countries, and financial policies to support the recovery phase from the repercussions of the COVID-19 pandemic in the Arab countries were also discussed.

It is noteworthy that this meeting is considered the preparatory meeting for the meeting of the next session of the Council of Arab Finance Ministers to be held next April in Jeddah in the Kingdom of Saudi Arabia. Last year the Gulf Cooperation Council finance ministers met at Bahrain’s capital to launch GCC Takamul, bringing the six-nation bloc a step closer to a common market and economic unity by 2025. GCC Takamul is an electronic gateway for complaints and enquiries related to the Customs Union and the Gulf Common Market, Bahrain’s finance minister Sheikh Salman bin Khalifa Al-Khalifa said during the talks. “The establishment of this gateway outlines its importance at the current stage amid the remarkable progress witnessed by the Gulf Common Market in achieving Gulf citizenship,” the minister added. Ministers also continued discussions on the collection and imposition of fees aimed at combating harmful practices in international trade. Kuwait was represented at the meeting by finance minister and state minister for the economy and investment Khalifa Hamada alongside minister of commerce and industry Dr. Abdallah Al-Salman. , (KUNA)

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