DOHA: Kuwait Minister of Commerce and Industry Abdullah Al-Jouan has underlined the significance of gatherings that join him with his Gulf Cooperation Council (GCC) counterparts, saying such talks are instrumental in pushing forward economic cooperation within the bloc. Efforts to bolster “economic cooperation and integration” in the Gulf Arab region are supported by Kuwait, given their significance in bringing common visions and aspirations to fruition, the minister told KUNA after a trio of meetings he had with his GCC counterparts.

Hailing the “positive outcome” of these talks, Kuwait Public Authority for Industry acting chief Mohammad Al-Adwani cited a number of initiatives recently approved, chief among them a plan to establish a pan-Gulf Arab industrial center. The Kuwaiti commerce minister led his country’s delegation to three separate ministerial-level talks, all of which aimed to ratchet up economic cooperation within the six-member GCC bloc.

GCCCAC records success

In another development, the Gulf Cooperation Council Commercial Arbitration Center (GCCCAC) has made outstanding successes in providing a legal environment based on moral values since it was established in 1993, Secretary General of the Center Dr. Kamal Bin Abdulla Al Hamad said on Wednesday. The Manama-based center offers effective solutions to commercial disputes that help support the growth of the commercial sector of the GCC economies, he told reporters ahead of the 30th anniversary of the center, to be celebrated this Tuesday.

Dr. Al Hamad noted that this year’s celebration coincides with a crucial stage in the history of the center, which started implementing a new strategy aiming to turn the center into one of the world’s top 10 centers. “The GCCCAC has made headway in building an integrated system for commercial arbitration in the region thanks to the highly qualified and experienced cadres and specialized training programs,” he pointed out.

Dr. Al Hamad appreciated the support given to the center by the host Kingdom of Bahrain, which helped make the center a favored and credible destination for the settlement of commercial disputes. Bahrain enjoys a highly advanced legal environment that is suitable for attracting investment and commercial arbitration, he added. Under the auspices of Crown Prince Salman bin Hamad, the center will celebrate three decades of achievements in its quest to realize the aspirations of the GCC leaders for economic development. — KUNA