Shaikh Nasser heads delegation to GCC meeting

HH Shaikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Charity Works and Youth Affairs, Chairman of the Supreme Council for Youth and Sports , and President of the Supreme Committee for Financial Cooperation and Coordination headed the delegation of the Kingdom of Bahrain to the First Meeting of the GCC Financial and Economic Affairs Council in Riyadh.

The meeting was held under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi's Deputy Crown Prince, Second Deputy Prime Minister and Minister of Defence.

HH Shaikh Nasser expressed his sincere gratitude and appreciation to the leaders of GCC States for advising to form the Council, which he said would be a supporting means to joint GCC economic and developmental endeavours.

The meeting discussed the internal statute of the Counci to facilitate the issuance of necessary decisions, the organisational structure, and the work mechanism of the GCC cooperative market with the Customs Union. 
In addition, the meeting discussed economic priorities and development cases related to GCC Countries, in addition, Value-added tax agreement, selective goods, diversity of income sources due to decline of oil prices, Committee of Central Banks, environment topics and social affairs were discussed.
The strides made by GCC countries in economic development were also taken into account, resulting in achieving living standards for citizens that can be a role model, as the time has come for a new boom that will carry this journey to new horizons to uphold the quality of life and enhance the Gulf economy.

Accordingly, their Highness's and Excellencies, representatives of the member countries, have prepared key priorities that will receive instant attention and focus, they are stated as follows:

-First: Take all the decisions and steps that would improve GCC economic joint work and achieve a real leap in this area.

-Second: Place economic decisions that have not been implemented or partially implemented with immediate effect and without delay.

-Third: A comprehensive review of policies and programs for economic initiatives of the Cooperation Council, in order to improve and ensure efficiency according to the best international practices.

-Fourth: Implementing all necessary economic development factors of the GCC Cooperation and bring it to the advanced levels achieved in many other fields.

-Fifth: The attention ro all topics and issues related to youth affairs, and provide all aspects of support to young entrepreneurs who are devoted to their role as key contributors to the Gulf's economy, giving new and creative ideas in all economic activities.

The Council's procedure rules, regulations and administrative aspects were adopted alongside the creation of its own special work in the coming period.

On this occasion, His Highness Shaikh Nasser stressed that the first meeting of the Supreme Council for GCC Economic and Development Affairs was fruitful and that many important points in favor of improving the Gulf economy were discussed, according to the vision of their Majesties and Highness's of the GCC countries. The GCC leaders always encourage the submission of proposals and take the necessary decision to develop the Gulf economy.

HH Shaikh Nasser stressed that the forming of the council is very important to promote cooperation in Gulf to work for economic and development fields, in addition to looking into policies, studies and programmes that aim to encourage cooperation and coordination between the countries, as well as monitoring the implementation of decisions and agreements related to the GCC's economic development.

HH Shaikh Nasser pointed out that the Gulf states have called to quickly implement the requirements due to the challenging developments the GCC countries are facing and work on establishing an economic Gulf bloc, which will power new projects and offers speed in dealing with various GCC developments.

HH Shaikh Nasser added that the Supreme Council for GCC Economic and Development Affairs supports the joint GCC economic decision and its implementation, especially during the current economic challenges witnessed by the region.

HH Shaikh Nasser also pointed out that the Council would stimulate economic activity in GCC countries and contribute in creating job opportunities in them, enhancing their performance and placing GCC countries among the leading economic coalitions in the world.
The Supreme Council for GCC Economic and Development Affairs was formed following a decision taken on May 31 in Jeddah, Saudi Arabia.

The decision stipulated the formation of the Council to discuss economic and development related subjects, take necessary decisions in their regard, follow up on the decisions and agreements of GCC states and to review the recommendations, studies and projects that aim at improving cooperation and coordination among GCC countries.