SALALAH, SEPT 6
Trade and Industry Ministry representatives of the Gulf Cooperation Council (GCC) convened the 57th preparatory meeting of the Trade Cooperation Committee and the 43rd preparatory meeting of the Industrial Cooperation Committee here on Wednesday, September 6. These meetings were chaired by Dr. Saleh bin Saeed Masan, Under-Secretary of the Omani Ministry of Commerce, Industry, and Investment Promotion for Trade and Industry. The launch also witnessed the presence of Khalid bin Ali al Sunaidi, Assistant Secretary-General for Economic and Development Affairs of the GCC General Secretariat.
During the preparatory meeting of the Trade Cooperation Committee, the under-secretaries delved into several vital topics, including the challenges associated with intra-GCC trade and streamlining trade exchanges. Additionally, they reviewed the latest developments in trade laws, notably in competition and e-commerce regulations.
The agenda also encompassed the activities of the Small and Medium Enterprises and Business Entrepreneurship Committee, the Internal Trade Commission, and the Foreign Trade Committee. Furthermore, the meeting involved a review of progress regarding free trade agreements with various countries and international blocs. The session culminated with a comprehensive discussion on the General Secretariat's report on the implementation of decisions made in previous Trade Cooperation Committee meetings and other pertinent matters related to the trade sector in the GCC countries.
Simultaneously, officials participating in the Industrial Cooperation Committee meeting discussed efforts to establish a unified definition of the national (Gulf) product and its associated standards. Discussions also revolved around the executive regulation of the unified industrial organization law system and strategies to address challenges facing the industrial sector.
Additionally, the proposal to create an electronic information platform dedicated to Gulf industrial projects and joint initiatives was examined. This platform aims to serve as a comprehensive database to facilitate access to information for investors interested in the industrial sector. The meeting also provided an opportunity to learn from member countries' experiences in areas such as future factories, combating harmful practices, and safeguarding Gulf industries from unfair competition.
To further fortify the Gulf industrial sector, the inaugural Gulf Industrial Exhibition is scheduled to open on Wednesday, September 13, 2023. This event will feature the participation of numerous Gulf factories and will span two days at the Sultan Qaboos Culture and Entertainment Complex in Salalah.
On Thursday, September 14, 2023, the proceedings will continue with ministerial meetings. These include the 65th Trade Cooperation Committee, the 51st Industrial Cooperation Committee, the Fifth Standardisation Affairs meeting, and a consultative session between the ministers of trade and industry and the heads of federations and chambers of the GCC. Qais bin Mohammed al Yousef, Minister of Trade and Industry and Investment Promotion, will preside over these gatherings.
Speaking at the event, Khalid al Sunaidi, Assistant Secretary-General of the GCC States, emphasized the significance of collective efforts in the commercial sector. “With the trade volume between GCC countries surpassing $100 billion, there's an undeniable urgency for intensified efforts to advance our shared Gulf initiatives. This encompasses the promotion of electronic commerce, harmonization of legislative and legal frameworks among GCC nations, robust support for small and medium enterprises, alignment of trade strategies on international platforms, addressing challenges obstructing intra-GCC trade as overseen by your esteemed committee, fostering integration to safeguard Gulf consumers, and championing the GCC Integration Initiative in the realm of investment,” he said.
“Global economic dynamics are marked by remarkable progress in artificial intelligence, the digital revolution, the fifth industrial revolution, a global shift towards a green economy, and ground-breaking innovations in renewable energy, digital currencies, the internet, and swift geopolitical transformations in international economic relations. Thus, it becomes imperative for us to proactively respond and remain at the forefront of these developments,” Al Sunaidi further stated.
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