UAE Advances Gulf Economic Integration at 126th GCC Financial Cooperation Summit
The UAE reaffirms its commitment to deepening economic ties across the Gulf Cooperation Council, with senior financial officials participating in strategic discussions on regional integration and market competitiveness.
The United Arab Emirates has participated in the 126th meeting of the Gulf Cooperation Council Financial and Economic Cooperation Committee, held in Manama, Bahrain. The UAE delegation was led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, alongside senior officials from the Federal Authority for Identity, Citizenship, Customs and Port Security, the Federal Tax Authority, and the Ministry of Finance.
The meeting brought together senior financial and economic officials from across the GCC member states to advance regional integration and strengthen the architecture of Gulf economic cooperation. Discussions centred on deepening ties between Gulf economies, enhancing the efficiency of the GCC Common Market, and establishing robust legislative and regulatory frameworks to facilitate seamless trade and investment flows across the region.
Delegates reviewed progress across multiple cooperation initiatives, including outcomes from the GCC Central Bank Governors Committee, the Customs Union Authority, and the Common Market Committee. The agenda encompassed ongoing free trade agreement negotiations between the GCC and international partners, as well as studies on achieving greater economic and development integration among member states.
Mohammed bin Hadi Al Hussaini emphasised the UAE’s unwavering commitment to Gulf economic integration, noting that strengthened economic ties are fundamental to building a more competitive and resilient regional system. He underscored the importance of translating cooperative agreements into tangible outcomes that enhance market efficiency, expand opportunities for the private sector, and support sustainable growth across the GCC.
The Minister highlighted the necessity of ensuring Gulf economies remain responsive to rapid global economic transformation, particularly the opportunities presented by digital technologies and modern commerce. He characterised economic integration as an ongoing process demanding sustained coordination and the gradual alignment of common policies, regulations and procedures among member states.
The meeting also addressed progress on linking payment systems across GCC states and examined developments in joint tax cooperation initiatives. These collaborative efforts reflect the region’s commitment to deepening financial integration whilst maintaining alignment with evolving regional and international economic conditions.
Source: WAM News Agency