Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, headed the United Arab Emirates delegation participating in the (66th) meeting of the Gulf Cooperation Council Trade Cooperation Committee, which was held on Wednesday, May 1, 2024 in the Qatari capital, Doha. The delegation included Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, Abdullah Sultan Al Fan Al Shamsi, Assistant Undersecretary for the Commercial Control and Governance Sector, and Juma Muhammad Al Kait, Assistant Undersecretary for the International Trade Affairs Sector.
The meeting discussed a number of topics aimed at creating a stimulating Gulf economic environment for the business community, most notably ways to enhance the prospects for intra-regional trade, providing support to Gulf entrepreneurs and owners of small and medium enterprises, creating a committee specialized in investment affairs, discussing the latest developments in the Gulf Commercial Arbitration Center, and the possibility of amending laws. Trade related to consumer protection, competition regulation, and electronic and digital commerce.
Dr. Thani Al-Zeyoudi stressed that the UAE, under the guidance of its wise leadership, is keen to continue supporting the efforts of joint Gulf action and push it to more integrated and prosperous levels, in the interest of our brotherly member states, enhancing the competitiveness of its business communities, and supporting the development of partnerships between them in strategic economic sectors.
Al-Zeyoudi said: “We value the efforts made by the GCC Trade Cooperation Committee, especially with regard to attracting foreign investments, giving priority to supporting small and medium enterprises, accelerating business establishment programmes, facilitating export procedures, and amending the laws, legislation and rules regulating the process of commercial exchange, intra-regional trade and the flow of investments.” Among the member states, within the framework of the free trade agreement between the Gulf Cooperation Council countries, and enhancing its role in creating investment opportunities for citizen entrepreneurs and project owners, to enhance the sustainability of Gulf economies and support their growth and competitiveness regionally and globally.”
- Stimulating the business environment
In detail, the committee discussed ways to stimulate the Gulf business environment and support cooperation frameworks between the GCC countries, by enhancing intra-GCC trade, facilitating import and export procedures, and giving priority to Gulf small and medium enterprises in government tenders and auctions.
The committee also discussed mechanisms for providing support to Gulf entrepreneurs, by providing training programs, exchanging expertise and experiences, encouraging investment and partnerships, activating programs for accelerating and establishing businesses, registering patents among the GCC countries, and benefiting from the capabilities enjoyed by the Gulf business communities.
The meeting also highlighted the strengthening of joint work to create a committee specialized in investment affairs, concerned with developing local and intra-national investments, attracting foreign direct investments, and cooperating with regional economic institutions and blocs in a way that is in the interest of member states and their economies, and opens new horizons for trade and economic cooperation with partners and those concerned with investment in Region.
During the meeting, the members of the committee touched on discussing the latest developments in the Commercial Arbitration Center system, and amending the commercial laws and rules of the GCC countries, in line with the latest technological and economic developments, such as regulating competition and consumer protection, and preparing a unified Gulf law for commercial franchising, to regulate the legal relationship between the franchisor and the franchisor. This is aimed at encouraging the commercial expansion of trademarks and franchises among member states.
- Legislative framework for electronic and digital commerce
In this context, the meeting discussed developing a legislative framework for electronic and digital commerce between the GCC countries, under the supervision of a technical team of legal specialists, in accordance with the procedural rules of each country, with the aim of enhancing electronic and digital commerce between member states’ markets, and benefiting from their expertise in this regard.
The committee also discussed preparations for the second ministerial meeting of the Ministers of Economy and Trade between the Gulf Cooperation Council countries and the People’s Republic of China and the accompanying forum, as well as preparations to participate in the first session of the China-Gulf Cooperation Forum for Industries and Investments between the Gulf Cooperation Council countries and China, which China is hosting this month, with the aim of strengthening cooperation. Economic and commercial matters in the fields of investment, industry and technology, and working to conclude a free trade agreement between China and the Council, in the interest of both sides.