ARABIAN TIMES NEWS NETWORK
The Sultanate of Oman took part in the 123rd meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, recently in Kuwait. The Omani delegation was headed by Sultan Salim Al Habsi, Minister of Finance, who represented the Sultanate in discussions aimed at enhancing regional economic collaboration.
The high-level meeting addressed several key regional financial issues. Discussions included the outcomes of the 84th meeting of the GCC Central Bank Governors Committee, the latest sessions of the GCC Customs Union Authority, the 14th meeting of the GCC Tax Departments Committee, and the 42nd meeting of the Gulf Common Market Committee. A significant point of concern was the potential economic impact of the recent rise in U.S. customs duties on GCC member states.
Committee members also reviewed a comprehensive set of statistics related to the Gulf Common Market and assessed progress on ongoing negotiations for free trade agreements between GCC countries and international partners. The meeting emphasized the importance of strengthening the economic integration of the region and evaluated the progress made in implementing the GCC Payment Linkage System—an initiative expected to boost intra-GCC financial transactions.
Moreover, updates were provided on the studies and projects under the review of the Office of the GCC Economic and Development Affairs Authority, along with ongoing efforts under the economic unity programme. The committee reaffirmed its commitment to enhancing joint economic action and ensuring mutual benefits for the GCC countries.
On the sidelines of the meeting, the GCC Secretariat General launched a new regional media campaign titled “All the Gulf is a Homeland”. This initiative is designed to promote awareness among GCC citizens about the equal economic and social rights they enjoy under the Gulf Common Market framework. The campaign underscores the shared commitment of member states to the principles of GCC citizenship and regional solidarity.
Oman’s active participation in the 123rd committee meeting reflects its ongoing dedication to regional economic cooperation and integration, while also highlighting the collective efforts of GCC states to address common economic challenges and opportunities in a rapidly changing global landscape.
