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UAE Calls for Developing GCC Mechanisms to Deal with Economic Issues

UAE Calls for Developing GCC Mechanisms to Deal with Economic Issues

Monday, 28 September, 2020 - 06:30
UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi chairs the 59th meeting of the GCC Commercial Cooperation Committee. WAM

The United Arab Emirates on Sunday urged the Gulf Cooperation Council to strengthen its joint action and develop mechanisms to address economic and commercial challenges.


UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi chaired the 59th meeting of the GCC Commercial Cooperation Committee.


The virtual meeting was attended by Secretary-General of the Council Nayef Al Hajraf and GCC ministers of trade.


In his statement, Al Zeyoudi urged GCC members to strengthen their joint action and develop mechanisms for addressing various economic and commercial issues of growing importance, given the changes taking place globally as a result of the COVID-19 pandemic, Emirates News Agency, WAM, reported.


"We are currently witnessing growing global interest in more efficient and flexible economic models that rely on technology, and governments are now looking to adopt more open, fast and efficient trade policies, customs and logistical procedures that will ensure the continuity and growth of supply chains under all circumstances," WAM quoted him as saying.


Al Zeyoudi also pointed out that many countries have drafted long-term strategies aimed at promoting investment in the digital economy and the fourth industrial revolution, while encouraging small and medium-sized enterprises.


He then briefed committee members about the UAE’s efforts, most notably its comprehensive and flexible package of 33 incentives aimed at supporting various economic sectors.


"Through this package, we will support economic activities and businesses, raise labor market flexibility, increase the investment attraction of added-value sectors, encourage companies operating in the digital economy, and support research and innovation-based SMEs," he said.


He further added that the package will enable the country to shift to a more flexible and sustainable economic model in the post-COVID-19 era.


The committee discussed ways to support entrepreneurs and SMEs in GCC states, as well as their cooperation in patents, consumer protection, certificates of origin and e-commerce.


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