UAE’s Ministry of Finance (MoF) held its first meeting with customs and chambers of commerce and industry departments to discuss GCC financial and economic integration at its headquarters in Dubai.

The meeting with the Federal Customs Authority, Federation of UAE Chambers of Commerce and Industry and Chambers of Commerce and Industry in UAE also discussed obstacles facing the private sector due to the GCC financial and economic integration and proposed mechanisms to overcome the obstacles.

The meeting was in line with efforts exerted to enhance GCC economic activities, follow up the workflow of the Gulf Common Market (GCM) and the GCC Customs Union.

MoF spoke about the operational phases implemented by the UAE to strengthen financial and economic integration and the work of the team formed to strengthen the GCM. Three working groups specialised in labor, health and economics were spun off out of this team.

These groups are responsible for reviewing the resolutions of the GCC Supreme Council in respect to the GCM and for activating and developing the resolutions. The working groups follow up on GCM executive resolutions issued by relevant authorities and on complaints and constraints facing the working of the GCM.

Other constraints and obstacles facing the GCC common market such as discrimination in the treatment and non-realization of the principle of full citizenship were also discussed.

Participants dealt with restrictions on real estate ownership for the purposes of investment and giving preference to local products or GCC products regardless of the quality and price.

They highlighted the absence of unified and binding GCC laws, different accounting systems for companies, legislation gaps and lack of uniformity in implementation.

“Ministry of Finance is authorized by the Council of Ministers to represent the UAE in the meetings of the GCC Financial and Economic Cooperation Committee relating to the GCC economic integration,” said Younis Haji Al Khoori, Undersecretary of MoF.

“It seeks to enhance GCC financial and economic cooperation by organizing discussions and consultations with all parties concerned in the UAE.”

“By organising this meeting, the ministry would like to fill the gaps, overcome constraints and obtain more executive resolutions that would improve the working of the GCM, a vital step to secure GCC economic and financial integration. MoF aims at raising the private sector’s awareness of the importance of financial and economic integration. This will have a positive impact on the GCC citizens and economies,” he added.

The Federal Customs Authority presented the strategic objectives of the Federal Government to modify customs in a way that facilitates trade in accordance with best international practice.

The strategic objectives include strengthening the role of customs to raise the level of security of the community and to enhance customs relations with other countries and regional and international organizations to support economic development.

Ibrahim Hassan Rashid Al Jarwan, Head of GCC & Arab Countries at MoF, said: “UAE is at the forefront of GCC countries in respect of implementing resolutions relating to the GCM. We aim to maximize benefit to GCC citizens of GCM implementation.”

“The UAE has issued a series of federal resolutions to upgrade the GCM implementation as well as to promote the benefits obtained by the local and GCC markets from the GCC common market,” he added.

It was agreed to hold more workshops and develop a plan to educate exporters, producers and private sector representatives in the UAE about the resolutions, recommendations and laws related to GCM and GCC Custom Union.

It was also agreed to submit the private sector’s complaints to MoF and Federal Customs Authority about the obstacles they face while doing business and exporting products. – TradeArabia News Service