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The Gulf Co-operation Council (GCC) is inching closer towards achieving a consensus on the proposed unified definition of the Gulf national products, a move that ought to go long way in achieving Gulf ‘economic citizenship’ and advancing the region’s industrial sector.
This was the crux of the fifth extraordinary meeting of the Undersecretaries of Ministry of Industry of the Gulf countries, which was held in Doha on Wednesday.
Mohamed bin Hassan al-Malki, Undersecretary of Qatar’s Ministry of Commerce and Industry, emphasised the importance of strengthening the mechanism for applying the criteria of this definition as a key step towards achieving ‘GCC economic citizenship’.
“This will enhance co-operation between GCC countries and help them to reach common goals and ambitions, thereby contributing to the advancement of various GCC economic sectors, especially the industrial sector,” he said in the presence of Khalid bin Ali al-Sunaidi, Assistant Secretary-General for Economic and Development Affairs at the GCC Secretariat General.
He highlighted that reaching a consensus on the criteria for defining the Gulf national product and implementing its mechanisms will open up new opportunities to support collaborative Gulf efforts.
This is in line with the GCC countries’ measures to strengthen the Gulf’s economic and industrial structures, aimed at economic integration and sustainable development.
During the meeting, they discussed the report on applying the definition of the Gulf National Product Standards and adopted the recommendations to achieve common goals.
The proposals presented earlier by the GCC countries included defining localisation percentages and the selection of suitable incentives to achieve balanced competitiveness of the Gulf national products and supporting the private sector, and reviewing the progress made by member states in this regard.
Article (3) of the Economic Agreement 2001 contains the most important provision concerning the Economic nationality. The said Article provides for direct implementation of the concept of fully equal treatment for all GCC nationals through according the GCC nationals residing in any Member State the same treatment accorded to its nationals without differentiation or discrimination in all economic fields; that includes natural and legal nationals, according to the GCC secretary-general’s website.
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