KUWAIT: Undersecretary of the Ministry of Finance Aseel Al-Munaifi on Wednesday emphasized the importance of enhancing joint financial and economic cooperation among GCC countries through ongoing discussions on key regional issues.

Speaking while chairing the 73rd meeting of the Committee of Undersecretaries of the Ministries of Finance of the Gulf Cooperation Council (GCC), held in preparation for the 123rd meeting of the Financial and Economic Cooperation Committee, Al-Munaifi highlighted the significance of the meeting’s agenda, which includes numerous topics central to Gulf financial and economic integration.

She noted that the committee aims to put forward constructive recommendations that support the advancement of joint Gulf action, in line with the aspirations of GCC leaders. These efforts are intended to benefit citizens, improve their well-being, and enhance coordination, integration, and interdependence across sectors. Al-Munaifi said the meeting addressed the outcomes of the Customs Union Authority sessions, the 14th meeting of the Committee of Presidents and Directors of Tax Departments in GCC states, amendments to the minimum qualitative fee on tobacco and its derivatives in the unified customs tariff, and the mechanism for applying standards defining Gulf national products.

Undersecretary of the Ministry of Finance Aseel Al-Munaifi chairs the meeting.

She also pointed to updates on the program to achieve economic unity among GCC countries by 2025, as well as a follow-up on the implementation of decisions from the committee’s previous (122nd) meeting. Additional topics related to regional financial and economic affairs were also discussed.

Al-Munaifi reaffirmed the GCC’s commitment to strengthening coordination, cooperation, and integration frameworks to further the goals of joint Gulf economic progress.

Assistant Secretary General for Economic Affairs of the GCC, Khaled Al-Sunaidi, echoed these sentiments, stating that the meeting would cover a range of topics aimed at bolstering financial and economic ties among member states. Al-Sunaidi expressed hope that the committee would agree on recommendations to be presented to the Financial and Economic Cooperation Committee at the ministerial level, with the aim of fostering greater economic convergence within the GCC.

It was agreed that the committee’s recommendations will be submitted to the ministers of finance and economy from the GCC countries for approval at their upcoming meeting.