Senior officials have praised the move to set up the GCC Common Market. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Economy and Finance (pictured above), said the market would improve the negotiating position of GCC countries and boost its active and effective standing among world economic groupings.
He said the market will benefit all GCC citizens and allow them to benefit from opportunities available in the Middle East economy and will give a broader opportunity to inter and foreign investment.
The establishment of the market is an important step on the way of the aspired Gulf integration, said Dr Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs. He added the market will speed up economic growth levels, boost operation and production, attract investments and consolidate the flourishing economic situation of GCC member states.
Undersecretary of the Ministry of Finance and Industry, Younis Haji Al Khouri, said the Gulf Market is huge in all standards, adding that in 2006, the GDP of GCC countries amounted to almost $715 billion (Dh2.6trn).
The ministry’s team following up the market file had held several meetings with local and federal bodies to enforce Article 3 of economic agreements dealing with movement among GCC countries, residence and work in government and private sectors and social security, said Khalid Ali Al Bustani, Assistant Undersecretary of the Ministry of Finance and Industry for Resources and Budget Affairs. (Wam)
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