Key GCC forum discusses initiatives to strengthen industry and trade cooperation
Strong platform: Oman hosts 64th meeting of GCC Trade Cooperation Committee
Published: 02:05 PM,May 11,2023 | EDITED : 08:05 PM,May 11,2023
Qais bin Mohammed al Yousef, Oman’s Minister of Commerce, Industry and Investment Promotion
MUSCAT: The 64th meeting of the GCC Trade Cooperation Committee, hosted by the Sultanate of Oman, concluded in Muscat yesterday, May 11, 2023. Comprising of four sessions, the meeting deliberated on issues of significance to the industrial and trade sectors within countries of the Gulf Cooperation Council (GCC).
The meeting was chaired by Qais bin Mohammed al Yousef, Oman’s Minister of Commerce, Industry and Investment Promotion, with the attendance of Jassim al Budaiwi, Secretary-General of Gulf Cooperation Council, as well as trade and industry ministers, and their under-secretaries, of the GCC member states.
Jassim al Budaiwi, Secretary-General of Gulf Cooperation Council, stressed the significance of the industrial sector during his keynote speech. “The industrial sector is one of the most important economic activities at the GCC level. It is ranked third as the most important economic activity in the member states. It also contributes significantly to the GDP of GCC countries, where its contribution exceeds 11.5 per cent. This sector has achieved growth in 2021, exceeding 26 per cent from 2020 to reach a value of $201 billion. Additionally, the sector employs more than two million workers.' He added: 'What I personally witnessed is the agreement of all ministers, whether they were ministers of trade or industry, of the importance of achieving economic integration [within countries of the GCC], and the need to move forward as soon as possible to implement it.” The Trade Cooperation Committee Meeting discussed several topics regarding the commercial sector within member states.
This included addressing challenges of intra-trade between the GCC countries, discussing establishing a permanent investment committee, and discussing the decisions of the Financial and Economic Cooperation Committee regarding the full implementation of the GCC Common Market tracks before 2024.
Moreover, the Industrial Cooperation Committee met to discuss several industrial issues, including the General Secretariat's proposal to establish an electronic information platform for Gulf industrial projects, the executive regulations of the unified industrial organization law system, and the creation of a unified definition of the national (Gulf) product and its standards. Attendees also discussed a proposal to identify opportunities for the integration of industries and mineral product chains between member states, an analysis of supply and demand gaps and strengths for all mineral products, and a map of mineral investments for GCC countries.
Furthermore, the Ministerial Committee for Standardization meeting discussed the progress of the Gulf Standardization Organization, the adoption of the Gulf technical and sectoral regulations, in addition to utilizing the Gulf Conformity Mark system and thee Gulf Accreditation Centre system.
The joint meeting between the ministers of trade and industry with the Federation of Chambers of Commerce and Industry of the Gulf Cooperation Council discussed several aspects to promote economic growth within member countries.
This included developing a mechanism to provide business incubators for digital and AI projects emerging in GCC countries, emphasizing the importance of franchise law, as well as establish a GCC content unit.
Faisal bin Abdullah al Rawas, Chairman of Oman Chamber of Commerce and Industry (OCCI), outlined Oman’s proposal in the meeting. “The proposal submitted by the Sultanate of Oman represented by the Chamber is a unified Gulf establishment project and the definition of the unified Gulf product, which will ease the flow of goods between countries.” “This meeting reflects the keenness of the leaders in the Gulf Cooperation Council for the private sector to have a role in in decision-making process,” he added.
The meetings coincided with the launch of an educational platform for entrepreneurs in the Gulf, which will provide data to aid their enterprises.
The meeting was chaired by Qais bin Mohammed al Yousef, Oman’s Minister of Commerce, Industry and Investment Promotion, with the attendance of Jassim al Budaiwi, Secretary-General of Gulf Cooperation Council, as well as trade and industry ministers, and their under-secretaries, of the GCC member states.
Jassim al Budaiwi, Secretary-General of Gulf Cooperation Council, stressed the significance of the industrial sector during his keynote speech. “The industrial sector is one of the most important economic activities at the GCC level. It is ranked third as the most important economic activity in the member states. It also contributes significantly to the GDP of GCC countries, where its contribution exceeds 11.5 per cent. This sector has achieved growth in 2021, exceeding 26 per cent from 2020 to reach a value of $201 billion. Additionally, the sector employs more than two million workers.' He added: 'What I personally witnessed is the agreement of all ministers, whether they were ministers of trade or industry, of the importance of achieving economic integration [within countries of the GCC], and the need to move forward as soon as possible to implement it.” The Trade Cooperation Committee Meeting discussed several topics regarding the commercial sector within member states.
This included addressing challenges of intra-trade between the GCC countries, discussing establishing a permanent investment committee, and discussing the decisions of the Financial and Economic Cooperation Committee regarding the full implementation of the GCC Common Market tracks before 2024.
Moreover, the Industrial Cooperation Committee met to discuss several industrial issues, including the General Secretariat's proposal to establish an electronic information platform for Gulf industrial projects, the executive regulations of the unified industrial organization law system, and the creation of a unified definition of the national (Gulf) product and its standards. Attendees also discussed a proposal to identify opportunities for the integration of industries and mineral product chains between member states, an analysis of supply and demand gaps and strengths for all mineral products, and a map of mineral investments for GCC countries.
Furthermore, the Ministerial Committee for Standardization meeting discussed the progress of the Gulf Standardization Organization, the adoption of the Gulf technical and sectoral regulations, in addition to utilizing the Gulf Conformity Mark system and thee Gulf Accreditation Centre system.
The joint meeting between the ministers of trade and industry with the Federation of Chambers of Commerce and Industry of the Gulf Cooperation Council discussed several aspects to promote economic growth within member countries.
This included developing a mechanism to provide business incubators for digital and AI projects emerging in GCC countries, emphasizing the importance of franchise law, as well as establish a GCC content unit.
Faisal bin Abdullah al Rawas, Chairman of Oman Chamber of Commerce and Industry (OCCI), outlined Oman’s proposal in the meeting. “The proposal submitted by the Sultanate of Oman represented by the Chamber is a unified Gulf establishment project and the definition of the unified Gulf product, which will ease the flow of goods between countries.” “This meeting reflects the keenness of the leaders in the Gulf Cooperation Council for the private sector to have a role in in decision-making process,” he added.
The meetings coincided with the launch of an educational platform for entrepreneurs in the Gulf, which will provide data to aid their enterprises.