The UAE participates in the 70th meeting of the Gulf Trade Cooperation Committee

ABU DHABI, 1st May / WAM / His Excellency Abdullah bin Touq Al Marri, Minister of Economy and Tourism, participated in the 70th meeting of the Gulf Cooperation Council Trade Cooperation Committee, which was held via video communication technology. The meeting discussed a number of topics and strategic initiatives aimed at enhancing paths of economic and trade cooperation between member states, and expanding the horizons of integration between their markets, in a way that supports the stability and growth of the Gulf business environment, and enhances its competitiveness at the regional and international levels.

His Excellency Abdullah bin Touq Al Marri stressed that the UAE, based on the vision of its wise leadership, attaches great importance to supporting and strengthening joint Gulf action in various fields, especially economic and investment, pointing out the need to redouble efforts aimed at enhancing the growth of the Gulf economy and expanding its competitive capabilities, in a way that enhances its position regionally and internationally.

He said that the committee meeting represents an important milestone in light of the current circumstances, as it constitutes a vital opportunity to develop more initiatives, legislation and policies that enhance the economic flexibility of the GCC countries, support paths of investment and development integration, and economic openness to the world, and contribute to the sustainability of the economic and social development of the GCC countries.

His Excellency added that the current stage requires continuing to develop a more integrated and flexible Gulf economic environment, based on modernizing economic and trade legislation, stimulating innovation and entrepreneurship, and supporting digital transformation, which contributes to enhancing the competitiveness of the GCC economies and consolidating its position as a global economic center.

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, in addition to continuing to develop unified Gulf trade legislation, especially the unified rules for regulating competition and e-commerce for the GCC countries, which paves the way for enhancing the competitiveness of Gulf trade, integrating their digital markets, and facilitating the flow of goods and services across technical platforms.

The committee reviewed the efforts of member states to support the Gulf investment environment, combat commercial fraud, and enhance consumer protection.

It also addressed the development of the intellectual property system by restructuring the committee concerned with patents to become an intellectual property committee and developing unified strategies to protect Gulf creativity, in addition to highlighting the developments of the virtual Gulf business incubator, which contributes to supporting the growth of small and medium-sized companies and expanding their presence in the common Gulf market.

The meeting included a review and follow-up of preparations for holding the second ministerial meeting of economic and trade ministers between the Gulf Cooperation Council countries and the People’s Republic of China, in addition to the second edition of the Economic and Trade Cooperation Forum between the two sides, in order to discuss prospects for enhancing joint cooperation and expanding economic and investment partnerships in a way that serves mutual interests and supports economic growth paths.

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