Business & Money | Monday 25 April, 2016 5:55 am |

Abdullah Al Owais, Vice-President of the Federation of the UAE Chambers of Commerce and Industry (FCCIUAE) and Chairman of the Sharjah Chamber, has praised the results of the 48th Meeting of the Federation of GCC Chambers (FGCCC) hosted by the RAK Chamber of Commerce and Industry, particularly in terms of the enhancement of the GCC economic integration, economic citizenship, and the Gulf common market.

Chairing the delegation of the FCCIUAE, (which included a number of chairmen and directors of member chambers and Humaid Bin Salem, Secretary General), Al Owais said: "The meeting discussed many issues related to the GCC private sector, mainly the implementation of the decisions of the 47th FGCCC Meeting and recommendations from the 39th Meeting of the Executive Leaderships Committee. It reviewed the memoranda presented by the FGCCC Secretariat General regarding customs obstacles among GCC countries, as well as the follow-up of obstacles to the economic unity of GCC states and periodic meetings with ministers of Commerce and Industry and Ministries of Labor at GCC countries."

Gulf Economic Unity

Chairing the 48th meeting of the board of directors, Mohammed Al-Ghanim, Chairman of FGCCC, clarified that the GCC countries have recently completed mechanisms and processes for economic integration in its broadest sense, after the success of the first three phases and that nothing was left but the fourth phase. He pointed out that the GCC countries have achieved up to 80% of economic unity and completed the primary phases of the Free Trade Zone, customs union, and the Gulf market, and are now looking forward to economic unity. He pointed out that the FGCCC achievements included property ownership, free movement of goods, persons, labor, capital and economic activities (companies), as well as integration of the financial markets; all these are positive indicators of economic unity.

He also emphasized the importance of consultation meetings with ministers of Commerce and Industry and Ministries of Labor in order to discuss mechanisms for cooperation, reinforce the relationship between the FGCCC Secretariat General and GCC Secretariat General, coordinate with the Ministers of Labor to utilize their positive effect on stability of GCC labor markets, as well as support to the GCC countries' pursuit to employ GCC nationals through enforcement of laws and regulations that grant GCC nationals the same employment privileges enjoyed by citizens of any member state.

 

Enhancement of Business Sectors

Yusuf Al Nuaimi, Board Member of the FCCIUAE and Chairman of the RAK Chamber, stated that the emirate's hosting of the 48th FGCCC Meeting forms part of its efforts to enhance and support the outstanding brotherly relationship between UAE businessmen and their GCC counterparts, which has been witnessing ongoing development and coordination in various economic areas of mutual interest. He noted that the RAK Chamber is consistently committed to communication and enhancing cooperative relationships with various parts of the GCC private sector for the benefit of the UAE businessmen in the region. He also confirmed the importance of such meetings which bring together heads of the GCC chambers. This forms a significant platform from which to reach decisions and make recommendations to enhance the role of the GCC business sectors, drive the GCC’s economic development, achieve economic integration among GCC countries, enhance the private sector's role in sustainable development, enable the business sectors to make a serious increase in their contribution to developments and the GDP, in addition to localizing the workforce.

At the end of his statement, Al Nuaimi emphasized how these important annual meetings held between the GCC private sectors were, focusing on the achievements of the FGCCC since its establishment in 1979 - and the challenges facing the GCC’s private sector.

He confirmed that the GCC private sector is aware of its role in the economic development and acts as a major partner in building the GCC’s knowledge-based economy - and in enhancing the role of young entrepreneurs through supporting programs for youth initiatives which contribute to the development of SMEs. 

He affirmed his hope that these meetings will achieve the desired results and stated that he looks forward to more achievements targeted by such meetings.

Meetings

Chairmen of GCC chambers held an executive meeting to discuss the meeting’s agenda which comprised of many important topics, particularly the economic decisions taken by Their Highnesses the GCC Leaders, including economic issues to be reviewed by the Ministerial Committees for 2016. They also reviewed the opinions of the private sector on a number of issues regarding challenges facing the Gulf Common Market, the role of the GCC’s private sector in motivating internal and external exhibitions, and the role of such exhibitions in raising the Gulf’s exports and diversifying its income sources. In addition, they discussed means of reinforcing the role of the GCC’s private sector in GCC authorities and Institutions, the meetings of the Technical Committee, such as the GCC Customs Union Commission, the infrastructure for Trade, Industry and Agriculture, the future of food security in GCC countries, the official role of the private sector in this field, as well as offers from GCC institutions, organizations, authorities and executive offices, including their past and present annual activities and programs.

The heads of GCC Chambers also held a business meeting with Nael Al Kabariti, President of the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries, to discuss the most important programs and events to be held between the parties in order to enhance cooperation between the various private sectors in Arab countries through direct communication and interaction relating to all the activities and events in the Union.

Hosted by the RAK Chamber in cooperation with the Federation of UAE Chambers of Commerce and Industry, the 48th FGCCC meeting approved the Comparative Report of Revenues and Expenses and the 2015 final accounts of the FGCCC Secretariat General. They also reviewed the work schedule of the FGCCC Secretariat General in 2016, including participation in the GCC, Arab, international, and Islamic economic events with the aim of expanding the participation of the GCC private sector. This will positively affect the Gulf Common Market in particular - and the economic and social development across the GCC countries in general.