Dubai, UAE – The United Arab Emirates (UAE) has reaffirmed its commitment to advancing the economic integration of the Gulf Cooperation Council (GCC) member states, with the ultimate aim of achieving economic unity by the year 2025
The UAE Minister of Economy Abdulla bin Touq Al Marri, Minister Bin Touq called for developing the mechanisms of economic integration within the GCC, spanning various domains, with a particular focus on economic and developmental aspects.
“The substantial progress witnessed in the economies of GCC member states in recent years has compelled us to intensify our collaborative efforts and strategic planning in order to realize economic unity among the GCC countries by 2025, a pivotal goal on the agenda of the Economic and Development Affairs Authority,” bin Touq said at the 5th GCC Economic & Development Affairs Authority Permanent Ministerial Committee meeting held in Salalah, Oman.
“Achieving this goal will require the implementation of innovative initiatives and projects, tailored to address challenges and facilitate the desired economic integration.”
During the meeting, a range of critical topics concerning the enhancement of joint economic and developmental initiatives within the GCC were discussed.
The discussions encompassed the finalization of the customs union, the establishment of a common GCC market, and the utilization of artificial intelligence to bolster developmental endeavors. Besides, strategies to enhance the competitiveness of GCC economies were considered, alongside other initiatives geared towards supporting the GCC’s ambition of achieving economic unity by 2025.
The committee reached a consensus to proceed with projects and initiatives aimed at fortifying cooperation among the GCC economies.
Minister Bin Touq highlighted the opportunities presented by economic blocs and their role in promoting sustainable growth, economic stability, and social prosperity. He emphasized the importance of these blocs in navigating the challenges posed by current and future global economic dynamics and supply chain disruptions. He also underlined the necessity of addressing these challenges in accordance with a shared GCC vision and informed decision-making.
