Ministry of Finance stresses intra-GCC trade importance
KUWAIT CITY, Sept 11, (KUNA): The Kuwaiti Ministry of Finance stressed the importance of intra-GCC trade and the use of Arab rules of origin as a reference in formulating the draft Gulf rules of origin for the Gulf customs union until the requirements of the customs union are completed and economic integration is reached.
This came in a press release issued by the Kuwaiti Ministry of Finance on Thursday on the occasion of its participation in the 62nd extraordinary meeting of the Committee of Undersecretaries of the Ministries of Finance in the Gulf Cooperation Council via video conference.
The statement said that the meeting, which was held with the participation of the Undersecretary of the Ministry of Finance, Aseel AlMunifi, discussed the recommendations of the technical team on rules of origin on finding a unified definition of the Gulf national product.
It pointed out that the unified draft rules of origin in the Gulf Cooperation Council countries were reviewed and the remarks of the State of Kuwait were confirmed and it was agreed to submit the unified draft rules of origin to the next meeting of the Financial and Economic Cooperation Committee of the Ministers of Finance and Economy in the Cooperation
Council for the Arab States of the Gulf.
Meanwhile, the Arab League stressed earlier this month, the necessity of continuing rapid action by the Economic and Social Council to enable the joint Arab action bodies to work in a “collectively coordinated” manner to support the efforts of Arab countries to contain the repercussions of the COVID-19 pandemic.
The State of Kuwait participated in the meeting with a delegation headed by the Acting Undersecretary of the Ministry of Finance for Economic Affairs Talal Al-Namesh.
In a speech by the Assistant SecretaryGeneral and Head of the Social Affairs Sector, Ambassador Haifa Abu-Ghazaleh, before the 108th session of the Economic and Social Council, which was held in attendance at the headquarters of the General Secretariat of the Arab League at the Presidency of Libya.
Abu-Ghazaleh said that despite the decline in the number of people infected with COVID-19 in the Arab region “as a result of the estimated efforts” of Arab countries to secure vaccines for the largest number of citizens and the continuation of vaccination campaigns in all Arab countries, the social and humanitarian repercussions still constitute an obstacle to sustainable development as required.