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Al Mansoori: GCC common market is able to become an influential cluster on the global economic map

posted on 15/12/2011: 3217 views



Sultan Al Mansoori, UAE Minister of Economy, said GCC countries have a golden opportunity to support the performance of the GCC common market to be an influential cluster in the international arena such as the European Common Market. He referred to the possibility of achieving this, especially as the Gulf economy has the ability to take advantage of various new economic opportunities in the world and always fully prepared for integration in the global economy.

Al Mansoori was speaking during the inauguration of the GCC Forum "Reality and the future of the Gulf Common Market" at the Hilton Hotel in Abu Dhabi, with the participation of a large number of officials and specialists from the ministries of trade and industry, financial services, planning and development in GCC countries (GCC).

In his speech, Al Mansoori said: "We see today's global economic variables affect the performance of the giants of the global economy like the United States and Europe, but if we look at the positive side of these variables, we find that the GCC has an ideal opportunity to be an economic an influential cluster that contributes to the economy the world".

In this context, he stressed the importance of unifying efforts and resources and support elements of integration and strengthening the economic power of the Common Gulf market in order to strengthen our competitiveness globally and consolidate our position in negotiating on both economic and commercial levels.

The minister highlighted the pivotal role played by the UAE to achieve this orientation as a gateway for Gulf competiveness to the world due to its strategic location as a hub for major international trade, where he called on all governments and decision-makers and the private sector in the GCC countries to increase the pace of coordination and interaction and take advantage of all the opportunities available to support GCC economic performance and growth on all levels.

Al Mansoori said that Gulf Banks have large solvency and have an ideal infrastructure which is considered the best in the world, and there are many legal and legislative reforms undertaken by the GCC countries to keep abreast of developments considering these as combined factors to support the performance of the GCC common market.

Al Mansoori said that the common market will enhance the unity and integration of Member States, especially as the global economic map is changing and there is an emergence of new giants in the economic field, such as China, India and Russia's renewed appearance in this area. And therefore it is necessary for the GCC countries to unite and pool their resources to address the current global economic entity, occupying an advanced position on the world economic map. - Emirates News Agency, WAM

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