MUSCAT — The Gulf Cooperation Council’s (GCC) Financial and Economic Cooperation Committee held its 78th meeting here yesterday under the chairmanship of Ahmed bin Abdulnabi Macki, Minister of National Economy and Deputy Chairman of Financial Affairs and Energy Resources Council. In the opening address, the minister underscored the importance of the meeting, saying it would call for maximising the efforts to speed up joint performance of the council’s ministerial committees.

He said the meeting would discuss obstacles to joint work including integration projects of economic and development nature and seek solutions and timetables for implementation. The outcome will eventually be reported to the Supreme Council’s 29th session to be held here at the end of this year. The Minister said the agenda included finding answers to the problems faced by the custom union and Gulf common market and solving problems in trade, industry, planning, development transport and communication sectors.

Abdul-Rahman bin Hamad al Attiyah, Gulf Cooperation Council (GCC) Secretary-General, said the meeting will discuss economic issues against the backdrop of the challenges and opportunities produced by the global financial crisis and which, he said, call for further co-operation and economic integration among the GCC members. Al Attiyah said the meeting will make proposals to the GCC leaders on the speedy implementation of common objectives including the monetary union and the basic statute of the monetary council, follow-up reports on the custom union, implementation of Gulf common market and the planned Gulf railway network.

In a statement, Macki said the committee reported its recommendations to the committee’s joint meeting with the GCC foreign ministerial committee held yesterday.

He said the committees recommended, among other things, subjecting the Gulf railway network and water link proposals to further studies. Meanwhile, the Supreme Council’s 29th session’s joint preparatory meeting commenced at Al Bustan Palace Hotel yesterday.

The Supreme Council’s 29th session’s joint preparatory meeting commenced at Al Bustan Palace Hotel yesterday. Yusuf bin Alawi bin Abdallah, Minister Responsible for Foreign Affairs, welcomed the foreign ministers in an opening address. He said preparations for the summit were inspired by the GCC leaders’ directives to better serve and ensure further prosperity and progress for the GCC peoples.

He thanked Shaikh Hamad bin Jasim al Thani, Qatar’s Prime Minister and Foreign Minister, for his efforts during Qatar’s chairmanship of the council, and praised Qatari political and diplomatic efforts in the Arab region. He also commended the preparation and follow-up efforts of Abdul-Rahman al Attiya, GCC Secretary-General and the council secretariat general staff.

He said the joint meet would focus on issues of joint co-operation and developments in the region and the world and on reaching a common agreement on various issues on the agenda. He said he hoped the meeting would objectively prepare the agenda for the Muscat summit. The ministers arrived earlier for the meeting were: Ahmed bin Abdullah al Mahmoud, Qatari Minister of State for Foreign Affairs and his delegation; Shaikh Khalid bin Ahmed al Khalifa, Bahraini Foreign Minister and his delegation; Prince Saud al Faisal, Saudi Foreign Minister and his delegation; Shaikh Abdallah bin Zayid al Nahyan, United Arab Emirates Foreign Minister and his delegation; Shaikh Dr Mohammed Sabah al Sabah, Kuwaiti Deputy Prime Minister and Foreign Minister and Jasim al Shimali, Kuwaiti Finance Minister; Obeid Hamaid al Tayer, United Arab Emirates State Minister for Financial Affairs. They were received by Alawi, Abdul-Rahman bin al Attiyah, Secretary-General, and senior foreign ministry officials.