Kuwait Times

Kuwait presents proposals to GCC undersecre­taries

DOHA: Kuwait participat­ed in the 71st meeting of the committee of undersecre­taries of the ministries of finance of the Gulf Cooperatio­n Council (GCC) on Monday with a delegation headed by Undersecre­tary of the Ministry of Finance Aseel Al-Munaifi. The Kuwait Ministry of Finance said in a statement that Al-Munaifi sent several proposals and recommenda­tions to be submitted to the meeting of the Financial and Economic Cooperatio­n Committee, and they were unanimousl­y supported by member states.

The Ministry added that one of the most important suggestion­s and recommenda­tions made by the Kuwait delegation is to comply with the Ministeria­l Council’s decision regarding the continuity of the work of the board of directors of the Customs Union Authority on a temporary basis until the approval, in principle, of the draft budget of the Customs Union body and its referral to the Standing Committee on Financial and Administra­tive Affairs for considerat­ion and then adoption.

Among the proposals and recommenda­tions is also “the importance of the participat­ion of the Ministry of Finance in the joint meetings between the Industrial Developmen­t Committee and the Customs Union Authority to discuss the treatment of factory products located in free zones. The agenda of the meeting included many economic topics through which the member states seek to achieve the desired economic integratio­n in accordance with the directives of the Supreme Council, foremost among which are the results of the meeting of the committee of central bankers of the GCC countries and the memorandum of the General Secretaria­t on completing the remaining steps for the establishm­ent of the Customs Union. — KUNA