posted on 20/05/2012: 708 views
UAE Minister of Economy Sultan bin Saeed Al Mansouri recently headed the UAE delegation to the 45th meeting of the Gulf Cooperation Council Committee for Trade Cooperation, held in Riyadh.
Ministers discussed the common law to combat commercial fraud in the GCC, and the secretariat's note on self-financing of the Centre for Commercial Arbitration of the GCC countries.
The meeting saw the recommendation to approve the adoption of the costs of the comprehensive study on the flow of goods to GCC states, in the event of the closure of the Strait of Hormuz, as recommended by undersecretaries committee of trade cooperation.
The GCC secretariat will address consulting firms to identify the cost of required studies. On this occasion, Al Mansouri said that the time has come for the GCC to take practical steps to support economic unity. He pointed out that this meeting comes in light of the circumstances and developments that require to share efforts that would achieve the immediate interests of the citizens of GCC countries and work to resolve any obstacles and difficulties that may be encountered. – Khaleej Times
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