The Gulf Financial and Economic Integration Forum today (October 24) in Abu Dhabi highlighted various economic opportunities and challenges for the GCC region, with the overall aim of raising the standard of living for GCC citizens.

Attendees for the event held at the Emirates Palace Hotel included senior UAE government officials, prominent business people, and experts on the area of economic blocs both on regional and international levels, in addition to representatives from government organizations and the media.

Obaid Humaid Al Tayer, Minister of State for Financial Affairs, said: “The Gulf Cooperation Council has achieved many milestones since its initiation and is well on its way to achieving the visions and hope of GCC states.”

“The successes that we have achieved so far reflect our wise leaderships and their strategy of implementing an economic and financial integration system to raise living standards for their citizens.”

“It is important that we establish full integration between GCC countries through applying full liberalization of inter-state trade, and to achieve equality for all GCC citizens without exception in all financial sectors and domains,” he added.

“GCC countries have undertaken many initiatives towards achieving financial integration, including the establishment of a free trade zone in 1983, launching the GCC Customs Union in 2003, the creation of a Gulf Common Market (GCM) in addition to efforts in implementing the Monetary Union Agreement since February 2010,” said Dr Abdullatif bin Rashid Al-Zayani, GCC Secretary-General. – TradeArabia News Service