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GCC seeks one stance on global trade scene
May 7, 2015, 11:41 am
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The Gulf Cooperation Council (GCC) ministries of commerce seek to develop a unified stance on the international level, a senior official at Kuwait’s Ministry of Commerce and Industry has said in Doha. This is likely to serve efforts to develop pan-GCC trade, Undersecretary Khaled Jassem Al-Shemali said on Wednesday. Al-Shemali’s statement came after he led the Kuwaiti delegation to the 42nd meeting of the undersecretaries of the GCC ministries of commerce in Doha.

He stressed efforts by the member states to increase pan-GCC trade exchange, streamlining procedures and removing obstacles. According to Al-Shemali, the coming period will witness resolutions to facilitate the flow of trade and encourage investment in the GCC countries. On today’s meeting, it is part of the efforts seeking to realize “GCC economic citizenship” and fulfil the expectations of the bloc’s peoples, he said. Participants discussed 10 items that will be submitted to the GCC ministerial meeting in Doha on 21 May.

These include recommendations by the GCC Intellectual Property and World Organizations Committees, and the executive rule of the trade marks ordinance. The 42nd meeting also discussed obstacles facing three major GCC companies in a bid to support their role for augmenting trade among the member states.

Meanwhile, Al-Shemali noted that Kuwait has taken remarkable steps over the past period to encourage launching new companies, which is much expected to improve the business environment. Other topics addressed by today’s meeting included following up decisions by the Trade Cooperation Committee on obstacles of pan-GCC trade, a GCC Secretariat memorandum on the 16th GCC fair, the executive rule of the trade marks ordinance, and a guidebook on measures and models of economic activities. The senior officials also reviewed a memorandum by the GCC Secretariat on the Accounting and Auditing Organization (GCCAAO).
 

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