ABU DHABI, April 22, 2021 (WAM) – Obaid Humaid Al Tayer, Minister of State for Financial Affairs, yesterday attended the 113th meeting of the GCC Financial and Economic Cooperation Committee, which was held virtually and discussed the strengthening of financial and economic cooperation between the countries’ GCC.

During the meeting, the Committee considered the recommendations submitted by the Committee of Monetary Authorities and Central Bank Governors of the GCC at the 76th meeting; the 25th meeting of the GCC Customs Union Authority; and the Gulf Market Committee at its 30th and 31st meetings.

The minutes of the 8th meeting of the Committee of Heads and Directors of State Tax Administrations of the GCC were also discussed; the budget to support joint activities and programs aimed at developing youth work in GCC countries; and G20 Finance Track initiatives which can be issued to GCC countries. This, in addition to the decisions of the 41st session of the GCC Supreme Council (Al-Ula, 2021) and the decisions of the 21st meeting of the GCC Ministerial Committee for monitoring the implementation of the joint working decisions of the GCC.

During the meeting, the committee reviewed the decision of the GCC Supreme Council to accept a payment linkage system in GCC countries; discuss the program on achieving economic unity among the GCC countries by 2025; and discuss the issues proposed to the International Monetary Fund (IMF), which they will study and submit to the joint meeting of the Committee for Financial and Economic Cooperation of the GCC, the Committee of Governors of Monetary Institutions and Central Banks of the GCC and the Managing Director from the IMF.

The committee also discussed the decisions of the 112th meeting of the GCC Financial and Economic Cooperation Committee and the draft allocations for judges of the GCC Economic Judicial Authority.

He also reviewed the latest developments related to the GCC-Takamul system, which is an electronic gateway for complaints and inquiries relating to the Gulf Common Market. The committee welcomed its experimental launch with GCC countries and requested member countries to provide data from system managers in ministries of finance to the General Secretariat. The official launch of the system will take place at the next meeting of the GCC Financial and Economic Cooperation Committee in October 2021.

Al Tayer stressed the importance of adopting the GCC-Takamul system of the Ministry of Finance throughout the GCC, as it will have a significant impact on promoting the Gulf joint economic work and sustainable development. This will be achieved by introducing the Gulf Common Market and the economic and social opportunities available there to serve the interests of the people of the Gulf.

He said: “This achievement and joint cooperation with the GCC reaffirms the strategic role of the UAE in the Gulf arena in instilling a culture of creativity, innovation, development and foresight in the financial work of government. We will spare no effort to support the economic integration of the Gulf, reaffirming the country’s position as a model to emulate in the field of advanced technologies and information technologies at regional and international levels. “

The GCC-Takamul system is an electronic gateway that presents the Gulf Common Market, the economic and social opportunities available there, and the ways in which a natural and legal citizen of the GCC can benefit from it. It is also a gateway for complaints and inquiries related to the economic integration of the Gulf inside and outside the country.

The Ministry of Finance launched the GCC-Takamul system in 2012, which links 26 government entities across the country through the electronic gateway for complaints and inquiries, making it easy to access relevant authorities to track the status of transactions. , which reduces the time required. to perform tasks. The system provides accurate data on all types of complaints, inquiries and proposals which are mainly received by clients, and assesses the quality of the services provided.