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GCC Common Market will boost negotiating power of bloc: Hamdan

posted on 03/01/2008: 649 views

The launch of the Gulf Cooperation Council Common Market as of January 1 will strengthen the Gulf alliance's negotiating power in trade talks with other international economic blocs, UAE Minister of Finance and Industry said on Wednesday.

'The GCC Common Market will also open up new huge business opportunities before the inter-GCC investment and foreign capital .It will also double benefits generated from economies of scale, upgrade production efficiency and achieve optimum use of resources, Sheikh Hamdan said in a statement today on the occasion.

In his statement, Sheikh Hamdan also congratulated President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum and other UAE leaders on the historic move.

Sheikh Hamdan said that he was proud of his ministry's role in making the GCC dream a reality as a representative of the UAE in the GCC committee for economic and financial cooperation.

Meanwhile, Minister of State for Financial and Industrial Affairs Mohammed Khalfan bin Kharbash said the common market would lay a solid foundation for robust, vibrant GCC economy that expected to have an affective role at regional and global economic scenes.

'The launch of the GCC Common Market will stimulate and accelerate economic growth, boost operational and productive levels and lure foreign investment,' Kharbash said.

According to him, the move provides for the first time the appropriate opportunity to implement the true concept of GCC citizenship in reality.

'It is a fresh, important departure to enforce the GCC economic integration on realistic basis. Consolidation and synergy of economic, financial and banking policies of GCC member states will be among the promising results of the common market,' he affirmed. (Emirates News Agency, WAM)


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