GCC finance ministers discuss economic integration, cooperation

Financial chiefs from across the region held discussions in Muscat on Thursday focused on enhancing economic cooperation and integration among members of the Gulf Cooperation Council.

Oman’s Finance Minister Sultan bin Salem Al-Habsi presided over the 120th meeting of the Financial and Economic Cooperation Committee of the GCC.

The Gulf ministers discussed several financial and economic issues related to their respective countries, including the outcomes of the committee meetings of the region’s central bank governors, along with that of the GCC Customs Union.

The participants also shared views on the Gulf Common Market Committee. The ministers discussed tax exemptions for industrial inputs and the latest developments in the negotiations for the Free Trade Agreement between the GCC countries and China.

In his speech, Al-Habsi emphasized the significance of the meeting in bolstering financial and economic collaboration and integration among the GCC member states. He also highlighted the imperative to redouble efforts in these critical areas to fulfill the aspirations of the region’s people.

Moreover, the host country’s finance minister commended the endeavors of the Gulf negotiating team in engaging with global economic blocs, acknowledging the importance of strengthening the standing of Gulf economies both regionally and internationally. Al-Habsi also highlighted that an initial free trade agreement was inked in September 2022 between the GCC countries and Pakistan, adding that the negotiation delegation is in discussions with other countries.

For his part, Jassem Mohamed Al-Budaiwi, the GCC secretary-general, stated that the member countries are presently in the final stages of establishing the Customs Union and the Common Gulf Market, with the goal of attaining economic unity by 2025.

He emphasized that these actions align with the GCC leaders’ aspirations to serve the people of the Gulf and foster greater cooperation, integration, and interconnectedness among the nations.

The Financial and Economic Cooperation Committee is among the enduring boards under the umbrella of the GCC General Secretariat. Its core purpose is to engage in discussions and deliberations concerning all economic and financial issues while shaping policies and strategic plans.