Abu dhabi: The United Arab Emirates participated in the 125th meeting of the Financial and Economic Cooperation Committee of the Gulf Cooperation Council (GCC), with the UAE delegation headed by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs.
According to Emirates News Agency, the delegation also included Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, Ahmed Abdullah bin Lahej Al Falasi, Acting Director General of Customs and Ports Security at the Federal Authority for Identity, Citizenship, Customs and Port Security, alongside several specialists from the Ministry of Finance. The meeting covered a broad range of strategic issues shaping the future of GCC financial and economic cooperation. Discussions centred on reviewing the outcomes of the committees of central bank governors, the customs union, tax administrations, and the GCC Common Market. Participants also explored mechanisms designed to protect international trade from harmful practices, alongside efforts to strengthen national industries through the review of customs policies.
The meeting further reviewed GCC participation in major international forums to support the adoption of the best global practices that align with the development aspirations of GCC member states. Mohamed bin Hadi Al Hussaini stated that the meeting and the efforts by the technical teams and the Undersecretaries Committee reflect the GCC states' commitment to advancing economic integration. He emphasized the ambition to place Gulf citizens' aspirations at the forefront, aiming to build a resilient financial and economic ecosystem.
Al Hussaini highlighted that discussions focused on strategic outcomes central to joint GCC financial cooperation, including the GCC Common Market Action Plan for 2026-2028 and new customs facilitation regulations. These measures aim to ease the movement of individuals and capital across GCC markets, advance updated frameworks to combat harmful trade practices, and safeguard strategic national industries.
The meeting concluded with several key decisions adopted, including the approval of the GCC Common Market Committee's Action Plan for 2026-2028, the implementation process for amended measures against harmful trade practices, and the extension of increased customs duties on reinforcing steel and steel coils. Participants also endorsed the outcomes of various committee meetings related to central bank governors, customs unions, tax administrations, and the GCC Common Market.
Ahead of the ministerial meeting, the GCC Ministries of Finance Undersecretaries Committee held a preparatory session to discuss agenda items requiring decisions, including the outcomes of the technical working group tasked with assessing international events and developing a framework for GCC participation. The committee reviewed a paper on proposed amendments to the mechanism for combating harmful trade practices, aligning technical recommendations with the GCC leaders' strategic vision.
The Ministry of Finance continues to lead the UAE's efforts to advance Gulf economic integration, reinforcing the country's position and influence within the GCC Common Market and supporting the UAE's vision for deeper regional economic cooperation. Through these efforts, the Ministry aims to unlock broader opportunities and benefits for individuals and businesses while driving sustainable growth and shared prosperity across GCC member states.