UAE reaffirms support for enhanced cooperation at 69^th meeting of GCC Commercial Cooperation Committee in Kuwait

Meeting discusses opportunities for establishing business incubators and supporting SMEs and entrepreneurs in GCC markets

His Excellency Abdulla bin Touq Al Marri, Minister of Economy and Tourism, led the UAE delegation participating in the 69th GCC Commercial Cooperation Committee meeting, held in Kuwait. The meeting, attended by His Excellency Abdullah Ahmed Al Saleh, Undersecretary of the Ministry, explored a range of topics aimed at developing economic and investment cooperation between member states and enhancing market integration.

H.E. Bin Touq affirmed the UAE’s commitment to supporting GCC’s joint efforts across all fields. He underscored the importance of intensifying efforts to bolster the resilience of the GCC economy and enhance its competitiveness as a key hub in the regional and global economic, investment, and trade landscape. H.E. highlighted the Committee’s role as a crucial platform for economic policy coordination and increasing the region’s openness to international trade movement.

The Minister of Economy and Tourism also highlighted the importance of continued cooperation in standardizing legislation, such as competition laws, consumer protection regulations, and digital trade frameworks across GCC states. He explained that this would foster a more integrated and open economic environment for investments and economic opportunities. H.E. pointed out that SMEs and entrepreneurship are fundamental pillars of sustainable development, which calls for the activation of more joint programmes and initiatives to empower entrepreneurs. This includes the provision of financing and insurance channels, as well as integrated services to facilitate their incorporation into regional and global value chains.

H.E. Bin Touq said: “The topics discussed by the Committee reflect GCC’s determination to strengthen joint action and drive further economic integration. Through these efforts, we are developing the institutional and legal frameworks that underpin GCC’s economic integration, in addition to diversifying our partnerships with major global economies, reinforcing the status of the member states as an influential force in the international economy.”

The meeting discussed mechanisms for enhancing cooperation between the GCC member states and major economic blocs to support their presence in global markets. It also explored efforts to bolster the investment environment, alongside the development of unified GCC trade legislation. This includes the competition law and the regulatory framework for e-commerce and digital trade, aimed at enhancing legislative resilience and supporting digital economy as a key driver of future growth. Initiatives to support entrepreneurship were also presented.

Moreover, the Committee reviewed the preparations for the 2^nd ministerial meeting between the GCC and Chinese ministers of economy and trade. The upcoming meeting will explore new prospects for cooperation and ways to expand economic and investment partnerships between the two sides.