Steps to set up GCC common market discussed

Muscat: HH Sayyid Fahd bin Mahmood al Said, Deputy Prime Minister for the Council of Ministers, received GCC finance and economy ministers, in Muscat on Monday. The ministers are attending the meeting of the Financial and Economic Committee, which is being hosted by the Sultanate in the presence of Dr Abdul Latif bin Rashid al Zayani, GCC Secretary-General.

HH Sayyid Fahd expressed the Sultanate’s appreciation under the leadership of His Majesty Sultan Qaboos over the sincere efforts exerted in the economic, investment and trade fields to push the GCC joint economic action. The meeting touched on the GCC cooperation to set up more joint ventures. The meeting reviewed the steps taken to facilitate procedures of commercial exchange and supporting integration through establishing the GCC common market.

The GCC ministers thanked the Sultanate for hosting the meeting and hailed the Sultanate’s constructive role in the success of the GCC march.

The GCC ministers of finance and economy held their 110th meeting of the Financial and Economic Committee at Al Bustan Palace Hotel in Muscat on Monday. The meeting was chaired by Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs. Al Balushi said GCC countries should come together to face the challenges posed by the rapidly changing global economy to achieve aspirations of the GCC peoples.

GCC Secretary-General Dr Al Zayani thanked the Sultanate’s support to GCC as well as for the sincere efforts in enhancing the GCC cooperation to achieve further integration among the GCC countries in various fields.

The meeting discussed economic cooperation and the GCC common market. It also discussed several recommendations raised by the GCC Committee of Governors of Central Banks, the GCC Customs Union and the GCC Tax Authorities upon which appropriate decisions were taken. — ONA