The Undersecretaries of the Ministries of Commerce in the “Cooperation” countries discuss limiting the effects of corona on the Gulf economies – the economy – the local market

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The Undersecretaries of the Ministries of Trade in the Gulf Cooperation Council states discussed the developments of the Corona virus crisis on the global level and its effects on the GCC countries in terms of economic and commercial aspects and ways of cooperation to alleviate the repercussions of the epidemic on the economy and business sector in the region.

This came during the extraordinary meeting held by the Undersecretaries of the Ministries of Commerce in the countries of the Council today virtually (remotely) through video communication chaired by His Excellency Eng. Mohammed Ahmed bin Abdulaziz Al Shehhi, Undersecretary of the Ministry of Economy for Economic Affairs, within the framework of the UAE presidency of the current session of the Cooperation Council.

All axes of the meeting focused on ways to deal with the Corona crisis, where the agents discussed means of cooperation in the provision of basic goods and services in light of the current conditions, measures taken to provide medical, food and preventive materials, cooperation frameworks to secure imports, support exports, initiatives to stimulate the economy, support affected sectors, and establish a working mechanism for coordination in Topics of flow and stability of goods.

Eng. Mohammed Al-Shehhi stressed in his speech during the meeting the importance of intensifying joint Gulf action and increasing levels of coordination during the current stage to confront the exceptional circumstance resulting from the spread of the Corona epidemic and to mitigate its repercussions on the economic sector and commercial activities.

He stressed the importance of focusing in the first place on ensuring the flow of basic and food commodities and providing vital services to citizens and residents in the GCC states in the required and regular manner, and cooperation within the framework of measures and efforts taken by the GCC countries to ensure the provision of these requirements, stressing also the importance of coordination through the Federation of Chambers of Commerce in countries The Council to develop efforts and formulate the necessary measures to secure imports and support exports from various member states.

Al-Shehhi added: “This cooperation today is of great importance and needs us to mobilize efforts to protect the economy and help the most affected sectors and support the business sector through various measures, laws and incentive packages … Perhaps our meeting today represents an important platform to discuss ways of cooperation and exchanging views and experiences in this aspect.” Stressing that the Gulf economies are strong and pioneering economies and represent a significant weight in the regional and global economic landscape, and they have all capabilities to overcome the repercussions of the crisis and reduce its effects and restore economic activity at the earliest time.

Al-Shehhi also called for developing Gulf cooperation channels in the field of importing food commodities, by setting up a deliberate work mechanism or a follow-up group to coordinate and consult in securing imports to ensure the needs of the GCC states are met.

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