Ministry of Finance participates in first assembly of the GCC Frequent Market Committee and the Federation of Chambers of the GCC – Enterprise – Economic system and Finance

Ministry of Finance participates in first assembly of the GCC Frequent Market Committee and the Federation of Chambers of the GCC – Enterprise – Economic system and Finance

A delegation from the UAE participated within the opening assembly between the Frequent Market Committee of the Gulf Cooperation Council (GCC) and the Federation of Chambers of Commerce and Business of the GCC (FGCC Chambers) on the headquarters of the Advisory Council of the Supreme Council of the GCC in Muscat, Oman.
The assembly mentioned methods to speed up the completion of the GCC’s frequent market necessities beneath the 2022-2024 plan, for the good thing about the economies of the GCC states and their societies and to extend their world financial competitiveness.

The UAE delegation included representatives from the GCC Affairs Division of the Ministry of Finance.
Younis Al Khoori, Undersecretary on the UAE Ministry of Finance, confirmed that joint initiatives are underway with companions within the GCC to establish the elemental components required to attain a coherent GCC Frequent Market . This dedication is according to the monetary and financial plans of all Member States, searching for to totally exploit potential alternatives to advertise balanced and sustainable financial progress within the area.
He stated: “Guided by the imaginative and prescient of its sensible management, the UAE goals to speed up entry to the GCC Frequent Market, benefiting the economies and peoples of the area. Following the directives of HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, the Ministry of Finance is coordinating efforts with the GCC Frequent Market Committee, the FGCC Chambers and numerous specialised committees to handle the challenges going through the completion of the GCC Frequent Market and to assist the GCC personal sector in reaching a system able to maintain tempo with the alternatives of the financial system of the long run.”
Al Khoori added: “Reaching the specified objectives throughout the GCC Frequent Market Committee Work Plan 2022-2024 and different initiatives during which we collaborate with the FGCC Chambers and the Committee requires steady coordination. Due to this fact, this assembly was convened to debate alternatives for cooperation, speed up the change of knowledge and full the necessities of the GCC Frequent Market and its digital transformation technique.”
Al Khoori reiterated that many steps and procedures are wanted to extend funding within the frequent market and numerous financial actions that companies in Member States are trying ahead to. The purpose is to develop cooperation mechanisms with different GCC companion states to speed up the conclusion of desired and promising market pathways that understand the aspirations of their communities.
The assembly was the primary in a sequence on the frequent market. It addressed the challenges going through the necessities of the Frequent Market, along with the remaining steps to ascertain the Customs Union and implement the Frequent Market pathways, in keeping with a selected timetable, according to the 2022 Implementation Plan 2024 of the GCC Frequent Market Committee.
The agenda of the assembly additionally included the varied methods to assist the GCC’s personal sector, skilled teams and business actions and to use equality in treating industries as nationwide enterprises within the context of strengthening joint financial cooperation.
On the identical time, the GCC Frequent Market Committee held its thirty eighth assembly on the GCC Supreme Council Consultative Council headquarters in Muscat to finish its work, implement the choices of the Monetary and Financial Cooperation Committee comply with and talk about the digital transformation. matters associated to the market and its investments, and replace its statistical knowledge.

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