Question

What is the future of Gulf economic integration?

Answer 1

In line with the principles of Gulf Economic Integration and the UAE’s role in this area, the Ministry of Finance (MoF) implements a unified economic agreement between GCC countries, joint GCC economic action, as well as relevant projects including financial integration, the establishment of the free trade zone and the implementation of the GCC Customs Union and Gulf Common Market. The GCC is considered to be an internationally solid economic unit, based on mutual cooperation among its members.

The ministry established the Department of the Cooperation Council for the Arab States of the Gulf Affairs, a specialised department which is responsible for following-up on the implementation of Economic Integration projects, and the following competencies:

-Preparing studies and providing suggestions to strengthen financial and economic integration with GCC countries, and to strengthen partnerships with the private sector concerning matters of joint Gulf economic business

-Following-up on the implementation of the unified economic agreement of the GCC countries, economic decisions taken by the GCC Supreme Council and the related ministerial committees, in coordination with concerned authorities in the country.

-Participation in the relevant committees of the GCC, and following-up on the implementation of recommendations issued in this regard.

The department raises awareness and provides information about Gulf financial and economic integration, and its positive impact on citizens, institutions and the private sector. The department is also keen to work alongside its strategic partners to set future plans and to receive their feedback and suggestions in support of the Gulf integration process.

Objectives-

1- Achieving coordination, integration and interdependence among member countries in all fields to maintain unity.

2- Deepening and strengthening relations and enhancing cooperation among member countries in various fields.

3- Formulating similar regulations in economic, financial affairs, commerce, customs and transportation, etc.

4- Stimulating scientific and technological progress in the economic fields, establishing scientific research and joint ventures, and encouraging cooperation with the private sector.