Muscat: The Sultanate of Oman today took part in preparatory meetings of undersecretaries of ministries of commerce and industry in GCC states. Held via video conferencing, the meetings dealt with means of enhancing GCC coordination and integration among GCC trade and industry sectors.
According to Oman News Agency, the Trade Cooperation Committee discussed various means of consolidating joint GCC action and updates on negotiations of free trade agreements with other countries and international blocs, besides following up the implementation of the Supreme Council's decisions. The Committee reviewed the latest developments in trade laws in GCC states, notably the draft GCC Competition Law and unified legislative framework for e-commerce.
The panel also discussed challenges related to the Commercial Register with a view to facilitating customs clearance and the flow of intra-regional trade. In addition, the committee looked into measures to support the sector of small and medium enterprises (SMEs) and topics related to the GCC Patent Office, notably the adoption of a joint GCC strategy and the launch of a unified platform for patents.
Meanwhile, the Industrial Cooperation Committee discussed topics related to enhancing industrial integration among the GCC states. It exchanged views about the definition of the national "Gulf" product, with emphasis on localization standards. It also studied the draft regulatory bylaw for exemptions and penalties. The Committee also discussed the lists of goods that are subject to 'collective protection' and updates to mechanisms on combating harmful practices that impact international trade.
The Committee later discussed ways to enhance cooperation with the United Nations Industrial Development Organization (UNIDO). It also reviewed the outcome of studies related to generating joint GCC industrial investment opportunities in priority areas, in addition to studying a proposal to specify the basic 'critical' products in the GCC industrial sector with the aim of supporting supply chains and enhancing industrial security in GCC states.