UAE participates in meeting of GCC Financial and Economic Cooperation Committee

UAE participates in meeting of GCC Financial and Economic Cooperation Committee

UAE participates in meeting of GCC Financial and Economic Cooperation Committee

MANAMA, 8th November, 2021 – Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, today headed the UAE delegation participating in the 114th meeting of the GCC Financial and Economic Cooperation Committee.

The meeting took place in Bahrain, and sought to discuss the recommendations and findings from the 63rd preparatory meeting of the GCC Undersecretaries of Ministries of Finance Committee; issues related to the GCC Customs Union and Gulf Common Market; tax issues applied across the GCC; as well as supporting trade exchange between member countries.

Also present were Younis Haji Al Khoori, Undersecretary of the Ministry of Finance; Ahmed bin Lahej, Director-General of the Federal Customs Authority; and relevant representatives from the Ministry of Finance participated in the meeting, along with the Ministers of Finance of the GCC, and the Secretary-General of the Cooperation Council for the Arab States of the Gulf.

During the meeting, Al Hussaini reaffirmed that the UAE will continue to support preserving the achievements attained by the GCC Customs Union and the Gulf Common Market, and reiterated the UAE’s quest to achieve the aspirations of the leadership and peoples of the GCC.

He said, “The UAE will spare no effort to enhance cooperation and joint coordination with the Secretariat General of the Gulf Cooperation Council by continuing to instill a culture of creativity, innovation, development and foreseeing the future across all fields.

This comes as part of our endeavours to support the common Gulf economic integration, which resulted in adopting the Ministry of Finance’s GCC –TAKAMUL system across the GCC and its inauguration today on the sidelines of the committee’s meetings.


During the meeting, the Financial and Economic Cooperation Committee discussed the recommendations submitted to it by the GCC Governors of Monetary Institutions and Central Banks, the GCC Customs Union Authority, and the GCC Common Market Committee; in addition to the recommendations of the Committee of Heads and Directors of Tax Administrations in the GCC States.

The committee also deliberated the G20 Finance Track’s initiatives that can be generalised to the GCC countries; the decisions of the 21st meeting of the Ministerial Committee of Following-up the Implementation of the GCC Joint Work Decisions; and the programme on achieving economic unity among the GCC countries by 2025.

On the sidelines of the meeting, the Financial and Economic Cooperation Committee inaugurated the GCC-TAKAMUL system, which is an electronic gateway for complaints, enquiries and proposals related to the Gulf Common Market.

The Ministry of Finance launched the GCC- TAKAMUL system in 2012, which links 26 government entities in the country through the electronic gateway for complaints and enquiries, which facilitates access to the concerned authorities to follow up on the status of transactions, reducing the time required to perform tasks.

The system provides accurate data about all types of complaints, enquiries and proposals that are mostly received by customers, and evaluates the quality of services provided.

Within the framework of joint cooperation between the UAE and the Secretariat General of the Gulf Cooperation Council, the GCC- TAKAMUL system was transferred from the Ministry of Finance to the Secretariat General – echoing the UAE’s strategic role in the GCC arena through continuing to establish a culture of creativity, innovation, development and foreseeing the future in all aspects of financial work.

This falls under the UAE’s commitment to support the Gulf economic integration, and consolidate its position as a leading model in the field of advanced technology and IT regionally and internationally.

On the sidelines of its 114th meeting, the Financial and Economic Cooperation Committee held a joint meeting with the Trade Cooperation Committee, in the presence of the GCC negotiating team.

The GCC Undersecretaries of Ministries of Finance Committee held the 63rd preparatory meeting for the 114th meeting of the GCC Financial and Economic Cooperation Committee, in the presence of Younis Haji Al Khoori, to discuss the aforementioned topics and submit recommendations regarding them to the ministers.

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