UAE participates in the 113th meeting of the GCC Financial and Economic Cooperation Committee

The Minister of State for Financial Affairs, Obaid Humaid Al Tayer, participated yesterday in the 113th meeting of the GCC Financial and Economic Cooperation Committee, which was held virtually and discussed the strengthening of financial and economic cooperation among the GCC countries.

During the meeting, the Committee discussed the recommendations submitted by the Committee of Monetary Authorities and Central Bank Governors of the GCC at its 76th meeting, the 25th meeting of the GCC Customs Union Authority, and the Gulf Market Committee at its 30th and 31st meetings.

Also discussed were the minutes of the 8th meeting of the Committee of Heads and Directors of Tax Administrations in the GCC States, the budget to support joint activities and programs to develop youth work in the GCC countries, and the G20 Finance Track initiatives that can be delivered to GCC countries.

This is in addition to the decisions of the 41st session of the GCC Supreme Council (Al-Ula, 2021) and the decisions of the 21st meeting of the GCC Ministerial Committee in charge of following up the implementation of the decisions related to the GCC joint work.

During the meeting, the committee discussed the decision of the GCC Supreme Council to agree on a payment linkage system in the GCC countries, to discuss the program to achieve economic unity of the GCC countries by 2025 and to discuss the issues proposed to the International Monetary Fund (IMF), which they will study and submit to the joint meeting of the GCC Financial and Economic Cooperation Committee, the Committee of Governors of the GCC Monetary Institutions and Central Banks and the Managing Director of IMF.

The committee also discussed the decisions of the 112th meeting of the GCC Financial and Economic Cooperation Committee, and the plans for the assignment of judges of the GCC Economic Judicial Authority.

It also reviewed the latest developments related to the GCC-Takamul system, which is an electronic portal for complaints and inquiries related to the Gulf Common Market.

The committee praised its experimental launch among GCC countries, and asked member countries to provide the General Secretariat with the data of the persons in charge of the system in the ministries of finance. The official launch of the system will take place at the next meeting of the GCC Financial and Economic Cooperation Committee in October 2021.

Al Tayer stressed the importance of adopting the GCC-Takamul system in the Ministry of Finance across the GCC, as it will have a significant impact on promoting joint Gulf economic work and sustainable development. This will be achieved by introducing the Gulf Common Market and the economic and social opportunities it offers to serve the interests of the Gulf people.

He said, “This achievement and joint cooperation with the GCC reaffirms the UAE’s strategic role in the Gulf arena by establishing a culture of creativity, innovation, development and foresight in the government’s financial work. We will spare no effort to support Gulf economic integration, reaffirming the country’s position as a model to emulate in the field of advanced technology and information at the regional and international levels.”

The GCC-Takamul system is an electronic gateway that showcases the Gulf Common Market, the economic and social opportunities it offers, and the ways in which a physical and legal GCC citizen can benefit from it. It is also a gateway for complaints and inquiries related to Gulf economic integration within and outside the country.

The Ministry of Finance launched the GCC-Takamul system in 2012, which connects 26 government entities in the country through the electronic gateway for complaints and inquiries, facilitating access to the relevant authorities to track the status of transactions, thereby reducing the time required to complete tasks. The system provides accurate data on all types of complaints, inquiries and proposals that are primarily received by clients, and assesses the quality of services provided.