His Excellency Mohammed bin Hadi Al Hussaini, the UAE Minister of State for Financial Affairs, led the UAE delegation at the 124th meeting of the Financial and Economic Cooperation Committee of the Gulf Cooperation Council (GCC), which took place yesterday in Kuwait, with the presence of finance ministers from member states.
The delegation included Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, Ahmad Abdullah bin Lahij Al Falasi, Acting Director General of Customs and Border Security at the Federal Authority for Identity and Citizenship, and Khaled Al Bustani, Director General of the Federal Tax Authority.
Minister Al Hussaini emphasized that this meeting comes at a time of regional and international changes that necessitate deeper financial and economic cooperation among GCC countries. He noted that the upcoming phase requires enhanced coordination to achieve institutional integration that solidifies the Gulf nations’ standing as an influential global economic bloc.
He pointed out that discussing mechanisms to combat harmful practices in international trade and enhancing tools to implement related decisions reflects the member states’ commitment to creating a fair and balanced trading environment. This would protect the Gulf economy and enhance its competitive abilities while ensuring alignment among national legislations for the effective and unified application of these measures.
He also mentioned that advancing the Gulf economic integration is a strategic step towards strengthening the Gulf economic bloc in global markets. Achieving this goal within the current year requires a shared will for implementation and coherence in financial and tax policies to create a comprehensive and attractive investment climate.
Finally, he reaffirmed the UAE’s commitment to continuing support for initiatives that promote financial cooperation within the Gulf, stressing the importance of building upon the outcomes of this meeting through clear follow-up mechanisms and measurable performance indicators.