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Today, Wednesday, the UAE affirmed its support for joint Gulf action in implementing the decisions of the Al-Ula Summit that was held in Saudi Arabia at the beginning of this month. In order to achieve economic integration.
Source: Editorial team
The UAE Minister of State for Foreign Trade, Thani bin Ahmed Al-Zeyoudi, said during his participation in a hypothetical meeting of the Gulf Cooperation Council Trade Cooperation Committee: “The last meeting of the GCC leaders at the Al-Ula summit in the Kingdom of Saudi Arabia witnessed the issuance of a set of decisions and recommendations aimed at strengthening Gulf cooperation and integration in Many priority areas and sectors for the GCC countries.
He pointed out that “these important axes discussed by the committee would create new paths for partnership and economic integration among the GCC states, and support their plans and strategies to transform towards diversified, sustainable economies based on knowledge, innovation and high productivity.”
The committee discussed “setting up mechanisms for joint action among the GCC states during the next phase in three main axes, including adopting the amended consumer protection system, adopting the amended patent system, and continuing to support and encourage small and medium enterprises and institutions,” according to the official news agency, WAM.
Al-Zeyoudi affirmed, “The UAE’s keenness to translate the common visions of the leaders of the GCC countries and support the joint Gulf action frameworks in implementing the summit’s decisions because of their positive impact on the economic scene, as well as the importance of joint action to enhance its benefit on the Gulf business sectors.
According to WAM, the committee discussed the amended Gulf system for consumer protection, establishing joint mechanisms to issue internal legislative tools to enforce the system, and assigning a specialized committee to prepare its executive regulations.
The committee also recommended forming legal and technical teams and committees for the amended Gulf Patent Law.
The committee meeting touched on ways to develop entrepreneurs’ initiatives and the knowledge economy for small and medium enterprises in the GCC countries, and diversify opportunities for commercial and investment activities and projects that serve the growth and competitiveness of this sector, according to the same source.