UAE supports GCC trade, industry, investment integration and non-oil growth

The UAE delegation that attended these meetings in Salalah, Oman, included Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy; Omar Ahmed Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology; and Osama Amir Fadl, Assistant Undersecretary for the Industrial Accelerators Sector at the Ministry of Industry and Advanced Technology.

Al Zeyoudi asserted that the UAE, led by President Sheikh Mohamed bin Zayed Al Nahyan, is keen on enhancing cooperation and driving further development of GCC economies, thus fostering shared economic prosperity, global competitiveness, and the well-being of their people.

Al Zeyoudi said, The structural reforms to the economic policies of GCC countries over the past years have contributed to diversifying their economies and raising the contribution of non-oil sectors, especially the industrial sector, to their respective GDPs. It has also increased the volume of their foreign trade and strengthened their position as permanent FDI hubs for investment in various sectors.

Nonetheless, there are still further enhancements needed in the GCCs economic and industrial strategies and approaches to create more opportunities for the new economic models such as startups, cooperatives, and family businesses, among others. Embracing the pillars of the future economy, which are knowledge, innovation, and advanced technology is equally important in order to enable these sectors to make significant contributions to supporting the growth of GCC economies, he added.

Al Zeyoudi explained that the UAE appreciates the key role played by the GCCs sub-committees, especially those concerned with consolidating trade, industrial and investment cooperation to create new paths that support joint GCC action in all areas of common interest.

The key topics on their agenda support the economic and industrial integration of the GCC countries and consolidate their position as attractive FDI destinations. This will lead to the creation of more employment opportunities, especially in the sectors of the new economy and increase the contribution of these sectors to the national GDPs, thus driving the diversification of GCC economies and accelerating the growth of non-oil sectors.

Furthermore, Al Zeyoudi reiterated the UAEs support for all important outcomes of the trade cooperation, ministerial cooperation and standardisation affairs committee meetings, in a way that contributes to advancing the GCCs progress and strengthens its leading position on the global economic landscape.

He pointed out the importance of strengthening the Public-Private Partnership in the GCC countries and providing all enablers for the growth of foreign trade and industrial sectors to provide more opportunities for the private sector.

With the participation of the ministers of trade and industry; members of the Ministerial Committee for Standardisation Affairs; and Jassim Mohammed AlBudaiwi, GCC Secretary General, the three committee meetings addressed several issues that concern the GCCs private sector and contributed to the trade, industrial and investment integration between them.

The 65th GCC Trade Cooperation Committee meeting discussed several important topics that support frameworks for GCCs economic and trade integration, including the creation of a permanent committee concerned with investment issues and stimulating investment exchanges among the GCC countries.

This committee shall adopt innovative legislation, flexible mechanisms, and the means to increase trade exchanges between the GCC countries, through the development of a set of trade laws. Most notably, these include the Consumer Protection Law and the Competition Law, in addition to the preparation of a unified mandatory legislative framework for e-commerce in the GCC countries.

Meanwhile, the 51st Industrial Cooperation Committee meeting addressed the adoption of the executive regulations for the Unified Industrial Regulatory System, as well as the amended regulations exempting industry inputs from customs duties.

The meeting discussed the proposal to establish an e-information platform featuring GCCs industrial projects, and another proposal regarding the white paper for the industry field, and goods subjected to collective protection. It also discussed a report on the experiences of the GCC countries in future industries and another report on developments in finding a unified definition for local products and the standards they must follow.

Moreover, the sixth Ministerial Committee for Standardization Affairs meeting discussed the report submitted by the standardization authority and its role in defining technical frameworks to guide sustainable development in economic sectors; ensuring the safety of products and services; facilitating trade exchanges; and developing innovation methodologies in various relevant fields.

It is also relevant to supporting national trends in establishing and developing new industries in line with the unified GCC standards and specifications that are compatible with international ones. The Committee also discussed recommendations for adopting a set of new GCC technical regulations, and the agreement to establish the Gulf Accreditation Center, to be submitted to the GCC Supreme Council. (ANI/WAM)