Doha Hosts Workshop on GCC Common Market

Doha, April 26 (QNA) - Qatar hosted on Sunday a workshop on GCC common market as part of the ongoing activities of GCC Days which started today in Doha. The two-day event was addressed by HE Chairman of Qatar Chamber and Chairman of the Federation of GCC Chambers Sheikh Khalifa bin Jassim Al-Thani, who stressed that the Federation of GCC Chambers were keen on the private sector's positive contribution to all the activities of the GCC General Secretariat, as well as highlighted the importance of the Gulf economic unity. In a speech he delivered on behalf of Secretary-General of the Federation of GCC Chambers Abdul Rahim Hassan Al Naqi, HE Sheikh Khalifa bin Jassim Al-Thani said that GCC private sector aims to work with the governments of the GCC countries and the agencies concerned to achieve economic unity through mechanisms and programs announced by the GCC General Secretariat such as the GCC common market, the customs union and the single currency, as well as through the development of an amendment to laws, legislations and regulations governing GCC investment in industry, trade and services sectors. HE the Chairman of Qatar Chamber and Chairman of the Federation of GCC Chambers called for more incentives, regulations, laws and programs to further strengthen the GCC citizenship in all areas, adding that the Federation of GCC Chambers participated in the meetings of the specialized technical committees with GCC General Secretariat on issues related to the private sectors to discuss draft economic laws that have a direct impact on the citizens of the GCC countries. HE Sheikh Khalifa bin Jassim Al-Thani added that the activation of joint work with the GCC General Secretariat will strengthen the role of the GCC private sector in supporting the GCC economic integration. He added that the Federation of the GCC Chambers organized many events inside and outside GCC countries to attract investors from all partner countries to take advantage of investment opportunities and enter into partnerships with international organizations and blocs. The Chairman of Qatar Chamber and Chairman of the Federation of GCC Chambers also praised the role of the GCC General Secretariat in support of the private sector and in the activation of the Federation's role in the Gulf common market, among others. For his part, Assistant Secretary General for Economic Affairs Abdullah bin Juma Al-Shibli said that the current workshops taking place in Qatar aims to enhance joint GCC work in all sectors. He added that the current workshop is focusing on the economic part represented in the GCC common market. He added that economic cooperation is one of the pillars of advancing joint GCC work. He noted that the announcement in Doha back in 2007 of establishing a GCC common market aimed at strengthening GCC citizenship. He added that establishing the GCC Customs Union has had a positive impact on trading in the region. He noted that trade between GCC member countries was at $121 billion in 2013, a 37% increase compared to 2012. Back 2003 when the union was established, trade volume was worth only $22.83 billion. Al Shibi noted that allowing GCC citizens to open branches of their companies in the rest of GCC have led to issuing 40,000 licenses according to 2013's statistics. More than 20,000 real estate properties were owned by GCC citizens since then. The number of countries listed in stock exchanges increased to 600 with a market capitalization of $226 billion, Al Shibi added. Al Shibi concluded that these policies had a positive outcome for the 27 million people living in the GCC; a region with a GDP of $1.6 trillion and foreign trade of $1.4 trillion. (QNA)