The UAE confirms its support for joint Gulf efforts aimed at developing economic legislation
KUWAIT, 30 October, 2018 (WAM) – His Excellency Abdullah bin Touq Al Marri, Minister of Economy and Tourism, headed the country’s delegation participating in the 69th meeting of the Trade Cooperation Committee in the Gulf Cooperation Council countries, which was held yesterday in the State of Kuwait, where a number of topics were discussed aimed at developing economic and investment cooperation among member states and enhancing the integration of their markets.
The UAE delegation included His Excellency Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy and Tourism.
His Excellency Abdullah bin Touq stressed that the UAE, thanks to the vision and directives of its wise leadership, is keen to support joint Gulf action in all fields, pointing out the importance of redoubling efforts to enhance the flexibility of the Gulf economy and expand its competitive capabilities and effectiveness as a vital center on the map of regional and global economy, investment and trade.
He explained that the committee represents a pivotal platform for coordinating Gulf economic policies and increasing the region’s openness to global trade.
He pointed out the importance of continuing cooperation in developing unified Gulf legislation, such as competition laws, consumer protection and digital trade, in order to establish a more integrated and open economic environment for investments and economic and investment opportunities.
He explained that small and medium enterprises and entrepreneurship represent a fundamental pillar of sustainable development, which requires activating more joint programs and initiatives to empower entrepreneurs, provide financing and insurance channels, and provide integrated services that facilitate their integration into regional and global value chains.
His Excellency said: “The topics discussed by the committee reflect the Gulf will to enhance joint action and achieve higher levels of economic integration, through which we work to develop the institutional and legal structure that supports Gulf integration, as well as to diversify our partnerships with major global economies, in a way that consolidates the position of the Gulf Cooperation Council countries as an influential force in the international economy.”
In detail, the committee discussed mechanisms for enhancing cooperation between the GCC countries and the major economic blocs, to support their presence in global markets.
The meeting also reviewed the efforts made to support the investment environment, in addition to developing unified Gulf commercial legislation, including the competition law, and the legislative framework for electronic and digital commerce, which enhances the flexibility of legislation and supports the digital economy as one of the main drivers of future growth, in addition to reviewing initiatives to support entrepreneurship.
The meeting included following up on preparations for holding the second ministerial meeting of economy and trade ministers between the GCC countries and the People’s Republic of China, to discuss prospects for cooperation between the GCC countries and China and ways to expand economic and investment partnerships between the two sides.
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