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UAE’s Ministry of Finance attends GCM committee meeting in Riyadh

The MoF participation confirmed its ongoing commitment to contribute to the proper functioning of GCM and to increase the level of coordination with all member states. The meeting enables government agencies to make recommendations to the committee of undersecretaries of ministries of economy and finance of the GCC. The MoF participation indicated the UAE’s keenness to increase effective market and economic cooperation and integration among member states.

The meeting addressed topics to activate optimal effort and implementation of plans to secure the involvement of private sector in joint economic action. It stressed the importance of cooperation and coordination among technical committees operating within the General Secretariat of GCC and the FGCCC to activate the private sector role in GCC economic development. Attendees recommended assigning FGCCC to secure the optimal implementation of the GCM and submitted a report on their recommendations.

Commenting on the participation of UAE at the meeting, Khalid Ali Al Bustani, Executive Director of International Financial Sector at MoF, said, “The UAE is keen to secure optimal implementation of GCM requirements as we have faith in accruing socio-economic opportunities for our people. We call for increased cooperation and consultations among member states to achieve economic integration and sustainable economic development in the GCC.”

The committee urged all member states to organise focused workshops and seminars that highlight advantages and rights provided by GCM to GCC nationals. These workshops and seminars would clarify ways to communicate and coordinate with liaison officers to face any difficulties in the implementation of GCM-related resolutions.

· business@khaleejtimes.com