UAE reaffirms commitment to promoting GCC Economic Integration at 123rd Ministerial Meeting in Kuwait - Middle East Business News and Information
Discussions touched on tax and banking committee outcomes
Exploring latest updates on the progress of the Gulf Customs Union and GCC Common Market
H.E. Mohamed bin Hadi Al Hussaini: The UAE supports all efforts to strengthen financial and economic cooperation among GCC states.
The UAE has taken part in the 123rd Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held today in Kuwait, bringing together Their Excellencies, the Ministers of Finance of the GCC member states.
Led by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation featured H.E. Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA); and Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations.
A number of specialists from the Ministry of Finance, the Federal Tax Authority, the Federal Authority for Identity and Nationality, Customs and Port Security also accompanied the delegation.
Advancing Regional Economic Integration:
The meeting discussed priority issues to strengthen financial and economic cooperation across the GCC, where appropriate decisions were taken accordingly.
Topics addressed include the outcomes of the 84th Meeting of the Committee of the Governors of the Central Banks in the GCC Countries, recent sessions of the GCC Customs Union Authority, and the 14th meeting of the Committee of Heads and Directors of Tax Departments in the GCC Countries.
Ministers also reviewed the latest developments related to the Gulf Common Market, along with recommendations stemming from a joint event hosted by the UAE Ministry of Finance and the GCC General Secretariat on the sidelines of the World Government Summit in February 2025.
Progress on the GCC's economic unity agenda by 2025 was also reviewed, with discussions focusing on ongoing efforts to enhance Gulf coordination in global economic forums. The session also featured a briefing by the GCC Statistical Centre on current data from the Gulf Common Market.
Accelerating the pace of integration:
H.E. Mohamed bin Hadi Al Hussaini said that strengthening joint GCC action in the financial and economic sectors will continue to be a strategic priority for the UAE, particularly in light of the accelerating challenges facing the global economy.
He stressed the importance of completing the requirements of the GCC Common Market and Customs Union as essential steps toward enhancing economic efficiency and boosting the global and regional competitiveness of GCC countries.
His Excellency added that the next phase calls for expediting institutional integration and aligning financial, tax, and customs policies to foster greater harmony and coherence among GCC economies.
He reaffirmed the UAE's support for all efforts and initiatives aimed at establishing a unified Gulf economy and creating an attractive, dynamic environment for investment and trade.
He concluded by highlighting the need to intensify technical cooperation and exchange expertise among member states, as well as making the most of the opportunities presented by joint Gulf projects.
These efforts, he noted, are vital to achieving sustainable growth, ensuring long-term prosperity for GCC citizens, and strengthening the region's position as an influential economic bloc on the global stage.
Exchanging views:
During the meeting, the meeting ministers exchanged views on financial and economic priorities for the next phase and explored how to enhance the GCC countries' readiness to address regional and global developments, as well as how to support executive plans for economic integration and strengthen the GCC's position on the global stage.
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