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GCC studies enhancing intra-regional trade

GCC

The trade ministers of the Gulf Cooperation Council (GCC) have met to study a number of issues aimed at enhancing the flow of intra-GCC trade and removing the obstacles it faces.

GCC will work on restructuring the committees and entities affiliated with the Trade Cooperation Committee and developing their work.

The sixty-first meeting of the trade ministers was in the Bahraini capital, Manama. It was chaired by the Minister of Industry, Commerce and Tourism in the Kingdom of Bahrain, Zayed bin Rashid Al-Zayani.

The meeting came with the participation of the Secretary-General of the Cooperation Council for the Arab States of the Gulf, Dr. Nayef Falah Mubarak Al-Hajraf.

The ministerial meeting discussed approving the indicative competition law in the GCC countries, adopting the executive regulations of the unified law for consumer protection and entrepreneurship support for small and medium enterprises in the GCC countries, as well as discussing international trade and negotiations, according to the Saudi Press Agency.

The ministers approved a number of recommendations to the trade sector in the GCC countries. The meeting witnessed a telephone intervention by the British Foreign Secretary Elizabeth Truss.

Truss stressed the importance of Gulf-British relations and the need to advance free trade negotiations between the two parties to achieve common interests.

The Minister of Industry, Commerce and Tourism in the Kingdom of Bahrain stressed the importance of the Gulf-British relations, appreciating the initiative of the British Foreign Secretary to communicate with the trade ministers of the Gulf Cooperation Council countries.

He pointed out the full keenness to develop commercial and economic relations to serve the common interests of both parties, and to strengthen the Gulf-British strategic relationship.

The council is classified as a political and economic bloc consisting of six countries: the United Arab Emirates, the Kingdom of Bahrain, the Kingdom of Saudi Arabia, the Sultanate of Oman, the State of Qatar and the State of Kuwait.

It aims to achieve coordination, integration and interdependence among Member States in all fields, leading to unity.

The document declaring the establishment of the council was signed at the summit of foreign ministers of the six countries in the Saudi capital, Riyadh, on February 4, 1981.

The objectives of the statute of the Gulf Cooperation Council are summarized in achieving coordination, integration and interdependence among the member states in all fields in order to reach their unity, in addition to strengthening the ties between their peoples.

GCC has been working to increase interdependence in all sectors.