Kuwait City: The UAE participated in the 123rd Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee held in Kuwait. The meeting convened the Ministers of Finance from the GCC member states.
According to Emirates News Agency, the UAE delegation was led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs. The delegation also included Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA), and Ali Abdullah Sharafi, Acting Assistant Under-Secretary for International Financial Relations. Specialists from the Ministry of Finance, the Federal Tax Authority, the Federal Authority for Identity and Nationality, Customs and Port Security were also present.
The meeting focused on priority issues to enhance financial and economic cooperation within the GCC. Topics discussed included 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.
The ministers reviewed developments related to the Gulf Common Market and recommendations from a joint event hosted by the UAE Ministry of Finance and the GCC General Secretariat during the World Government Summit in February 2025. Progress on the GCC's economic unity agenda by 2025 was also a point of discussion, with efforts focused on enhancing Gulf coordination in global economic forums.
Mohamed bin Hadi Al Hussaini emphasized the strategic priority of joint GCC action in the financial and economic sectors for the UAE, considering the accelerating challenges of the global economy. He highlighted the importance of completing the requirements of the GCC Common Market and Customs Union to enhance economic efficiency and boost GCC countries' competitiveness.
He added that the upcoming phase requires expediting institutional integration and aligning financial, tax, and customs policies for greater harmony among GCC economies. Al Hussaini reaffirmed the UAE's support for initiatives aimed at establishing a unified Gulf economy and creating an attractive environment for investment and trade.
He concluded by stressing the need for intensified technical cooperation and expertise exchange among member states, utilizing opportunities from joint Gulf projects. These efforts are crucial for achieving sustainable growth, ensuring long-term prosperity for GCC citizens, and strengthening the region's position as an influential economic bloc globally.
During the meeting, ministers exchanged views on financial and economic priorities for the next phase, explored ways to enhance GCC readiness for regional and global developments, and discussed support for executive plans for economic integration and the GCC's global position.