04/06/2010 GCC states made gains in economic integration’
Common market to boost trade
KUWAIT CITY: Minister of Commerce and Industry Ahmed Al-Haroun said here on Wednesday the GCC states have acquired many gains in the past few years in achieving economic integration.
Common market to boost trade
KUWAIT CITY: Minister of Commerce and Industry Ahmed Al-Haroun said here on Wednesday the GCC states have acquired many gains in the past few years in achieving economic integration.
Al-Haroun said in an opening speech of the 42nd meeting of the GCC trade Cooperation Committee chaired by Kuwait that the GCC states have accomplished many of the shared files related to integration of economic and commercial cooperation and made great strides in other files related to the promotion of mutual cooperation between the GCC countries in the economic sphere.
He added that among the most important successes achieved by the GCC countries was the accomplishment of a GCC common market that would enhance the trade exchange movement between the GCC countries to reflect on the economic conditions in various Gulf countries.
The Kuwaiti Minister pointed out that the GCC states were currently seeking to complete the monetary union project, completing the customs union file and to negotiate jointly among them as a bloc with various economic and trade blocs.
The Kuwaiti Minister pointed out that the GCC states were currently seeking to complete the monetary union project, completing the customs union file and to negotiate jointly among them as a bloc with various economic and trade blocs.
He expressed hope that this meeting will achieve additional gains to account for the Gulf economic integration project, which in turn would reflect on the promotion of economic development in all the Gulf Arab states.
For his part, assistant Secretary-General for Economic Affairs of the Gulf Cooperation Council Mohammed al-Mazrui extolled efforts of the GCC leaders for their efforts in achieving all that has been accomplished throughout the past years. He also said that the GCC states are looking forward to accomplish much in the area of economic integration to achieve a comprehensive Gulf economic renaissance to enhance the welfare of peoples of the Gulf and promote the economic performance of the GCC countries. He praised efforts made by Kuwait for the success of this meeting.
Gulf oil exporting states need to enact new laws to control mortgages, bonds and other “missing elements” as part of overall post-crisis regulatory reforms, a Saudi Arabia-based investment firm said yesterday.
Gulf oil exporting states need to enact new laws to control mortgages, bonds and other “missing elements” as part of overall post-crisis regulatory reforms, a Saudi Arabia-based investment firm said yesterday.
Although the six Gulf Co-operation Council (GCC) nations enjoy a relatively sound regulatory framework as well as macro-economic and financial sector stability, they need to embark on new regulations to block possible loopholes in the system, said NCB Capital, an affiliate of Saudi Arabia’s largest bank, National Commercial Bank.
“The Gulf countries can take a great deal of comfort in their solid regulatory framework and successful track record of macro-economic and financial sector stability ... in essence, the rest of the world can now, at least in the near term, be expected to become more like the GCC in terms of its regulatory standards and practices,” it said in a flash note.
