Oman
Participates in GCC Financial and Economic Cooperation Committee Meeting

Kuwait,
2 Oct (ONA) — The Sultanate of Oman participated today in the 124th meeting
of the Financial and Economic Cooperation Committee of the GCC States, held in
the State of Kuwait.

The
meeting aimed to discuss several topics geared towards achieving financial and
economic convergence, cooperation, and integration among GCC countries.

The
Omani delegation was headed by Sultan Salim Al Habsi, Minister of Finance.

During
the meeting, the Committee reviewed the recommendations and outcomes from the
meeting of the GCC Governors of Central Banks Committee, the Joint Gulf Market
Committee, the Customs Union Authority, and the Committee of Heads and
Directors of Tax Administrations in the GCC states. Additionally, the Committee
reviewed the latest developments concerning negotiations for Free Trade
Agreements (FTAs) between the GCC and other international countries and blocs.

On
the sidelines of the meeting, the two annexes amending the articles of the Unified
Agreement for Value Added Tax (VAT) and the Unified Agreement for Selective Tax
for the GCC states were signed.

Separately,
the Minister of Finance along with the Governor of the Central Bank of Oman (CBO)
participated in a joint meeting between the GCC Ministers of Finance and
Central Bank Governors and the Managing Director of the International Monetary
Fund (IMF).

Discussions
during this joint meeting covered the economic outlook and challenges facing
the region, as well as ways to cooperate on enhancing financial stability. The
meeting also addressed ensuring long-term financial stability by building
fiscal buffers, deepening local capital markets, strengthening regional
cooperation, accelerating structural reforms to boost productivity,
coordinating fiscal and monetary policies, and enhancing cooperation to support
stability and provide financing for the region’s economic diversification
agenda.

—Ends/AG