MUSCAT —The Financial and Economic Cooperation Committee under the Gulf Cooperation Council (GCC) has adopted an implementation plan and timetable for completing the requirements for realizing the Gulf Customs Union before the end of 2024. The 120th meeting of the committee, held in Muscat on Thursday, also approved several laws and decisions that will contribute to accelerating the economic integration of the GCC countries and realizing Gulf economic unity in 2025. This is in implementation of the directives of the leaders of the GCC countries to consolidate the foundations of the Gulf economic structures on solid foundations and rules. The meeting was chaired by Oman's Minister of Finance Sultan bin Salim Al-Habsi, the head of the current session of the committee. The committee approved the remaining steps to complete the paths of the Gulf common market. It adopted the procedures for implementing G20 initiatives related to the financial track. The decisions of the committee also included approval of controls for exempting industrial inputs and keeping informed of the latest developments in free trade negotiations with China. Addressing the meeting, GCC Secretary General Jasem Mohammed Al-Budaiwi drew attention to the directive of the GCC leaders during the Jeddah summit in July, to focus on the economic aspects, especially completing the remaining steps towards establishing the customs union and the common Gulf market on the way to achieve Gulf economic unity in 2025. He stressed that the GCC countries are taking serious steps towards diversifying their income and not relying on natural sources as a source of income, at a time when measures have continued to enhance levels of economic diversification and efforts to reform business environments, encourage investment, support the role of the private sector, and develop and support human capital. The meeting highlighted the decision of the BRICS group to include Saudi Arabia and UAE as its members. The committee also welcomed the decision of the G20 summit to establish an economic corridor linking India to Europe through the GCC and other Middle East countries. "These two major decisions will have repercussions and great positive impact on the GCC countries that enhance their regional and international economic standing," he said. The meeting also discussed a number of important topics related to enhancing financial and economic cooperation between the GCC countries.
