Credit By: Ai Arabiya
The UAE’s Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, has emphasized the importance of the GCC’s subcommittees in fostering trade, industry, and investment cooperation. These committees are essential to the GCC’s cooperative efforts in several areas of shared interest.
Important Points
Three significant GCC committee meetings were attended by the UAE delegation, which Dr Al Zeyoudi led:
- The sixth meeting of the GCC Ministerial Committee for Standardization.
- The 51st meeting of the Industrial Cooperation Committee.
- The 65th meeting of the Trade Cooperation Committee.
Dr. Al Zeyoudi underlined the UAE’s dedication to advancing GCC economic development and bolstering collaboration. This pledge seeks to advance regional well-being, global competitiveness, and shared economic prosperity.
He recognized the recent fundamental changes to the economic policies of the GCC countries. Through these reforms, their economies have become more diversified, the GDP contribution of non-oil sectors has increased, the volume of international trade has increased, and they have cemented their status as desirable locations for foreign direct investment (FDI) across various industries.
Dr Al Zeyoudi emphasized the significance of strengthening the GCC’s industrial and economic strategy. Creating opportunities for new economic models, such as cooperatives, family companies, and startups, is part of this. Accepting knowledge, creativity, and cutting-edge technology is also essential to fostering the expansion of these industries and their major economic contributions to the GCC.
The UAE emphasized the significance of bolstering public-private partnerships in GCC nations while expressing support for the committee meetings’ findings. This involves giving the industrial sectors and international trade the support they need to grow, which opens up new doors for the private sector.
Conversation
The region’s continuous efforts to diversify its economies and lessen its reliance on oil earnings are reflected in the UAE’s commitment to enhancing economic cooperation within the GCC. The cooperation of GCC members and these committee meetings is crucial for promoting economic expansion, drawing in capital, and boosting international competitiveness.
The GCC’s dedication to fostering a favorable climate for trade and business is demonstrated by its emphasis on consumer protection, competition laws, e-commerce legislation, and industrial development. Furthermore, fostering innovation and acknowledging the importance of new economic models like startups is consistent with worldwide economic patterns.
These committee meetings and partnerships are essential in determining the future economic landscape of the Gulf Cooperation Council (GCC) as the member countries continue to support each other’s economies.
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