Muscat – The GCC Financial and Economic Cooperation Committee on Thursday held its 120th meeting in Muscat under the chairmanship of Finance Minister H E Sultan Salim al Habsi and looked into regulations for exempting GCC industrial products from taxes.

It also looked into the progress made in negotiations on the free trade agreement between the GCC states and China.

The meeting – attended by GCC ministers of Finance and Economy – discussed the outcome of different meetings, including those of the GCC Central Bank Governors’ Committee, the GCC Customs Union Authority, the GCC Common Market Committee and the team tasked with analysing G20 meetings.

H E Habsi underscored the significance of the meeting which, he said, focused on enhancing financial and economic cooperation and integration among GCC states. He called for more efforts to cement financial and economic cooperation for achieving the aspirations of GCC peoples.

Jassim Mohammed al Budaiwi, Secretary-General of GCC, added perspective, stating, “Our current trajectory is driven by directives from the esteemed leaders of the GCC countries. We’re meticulously working towards finalising the customs union and the Gulf common market processes. The ultimate aim is achieving economic unity by 2025.”

Budaiwi asserted that these pursuits underscore “our commitment to leveraging the council’s progress, fostering greater synergy, integration, and alignment among GCC nations for the betterment of our people”.

The Financial and Economic Cooperation Committee operates as one of the permanent committees under the Secretariat General of GCC.