Gulf Finance Ministers Discuss Customs Union and Common Market

The meeting was chaired by Yusuf Al-Humoud, Deputy Minister of Finance and National Economic Affairs of the Kingdom of Bahrain, while the Kuwaiti side was chaired by Asil Al-Munaifi, Deputy Minister of Finance, with the participation of several officials from the Ministry of Finance.

The meeting discussed a number of financial and economic issues of common interest among Gulf countries, most notably the outcomes of the meetings of the Central Bank Governors Committee, the completion of requirements for establishing the customs union, and the outcomes of the meetings of the Committee of Heads and Directors of Tax Departments. It also addressed the completion of requirements for the Common Gulf Market to achieve Gulf citizenship among the GCC states.

Furthermore, the meeting reviewed updates on the program for achieving economic unity among the GCC states, developments in the negotiations on free trade between the GCC states and other countries and groups, and the follow-up on the implementation of decisions from the 125th meeting of the Financial and Economic Cooperation Committee. It also discussed several topics related to enhancing financial and economic integration among the GCC states.

The deputies expressed their consensus on all agenda items and reaffirmed the GCC states’ commitment to consolidating financial and economic cooperation and strengthening common ties, in line with the aspirations of the GCC leaders for greater integration in the course of joint Gulf cooperation.

The meeting concluded with an agreement to submit the recommendations resulting from the committee’s work to the meeting of the Financial and Economic Cooperation Committee at the level of the ministers of finance and economy of the GCC states, with a view to their adoption at the next meeting.