Minister of Finance Dr Nayef F Al-Hajraf

KUWAIT: Kuwait Ministry of Finance announces the hosting of the 107th Meeting of the GCC Financial and Economic Committee in Kuwait on the14th of May 2018.

The meeting will be attend by the Ministers of Finance and Economics of the six Gulf Cooperation Council (GCC) countries and attended by the Secretary General of the Gulf Cooperation Council, Abdul Latif bin Rashid Al-Zayani, and under the chairmanship of the Kuwaiti Minister of Finance Dr Nayef Falah Al -Hajraf.

In a statement on the occasion Dr. Nayef F Al-Hajraf said “Kuwait is honored to host this important meeting as part of the His Highness the Amir Sheikh Sabah Al-Ahmed Al-Sabah’s unhindered commitment to the GCC economic integration and to highlight the milestones accomplished over the past 37 years. Holding this meeting in Kuwait demonstrates the keen interest of the six brotherly nations in working together towards renewed economic integration and the amalgamation of fiscal policy.”

On the agenda are several issues related to GCC joint economic action to be discussed and reviewed including amendments proposed by the Industrial Cooperation Committee on the control of tariff exemptions on imports of reinforcing steel and iron sheets and Saudi Arabia’s proposal to expand the scope of goods covered by the GCC excise tax.

The Committee meeting will be held in Kuwait City on 14th of May and will be preceded by the 53th Meeting of the Committee of Undersecretaries of the Ministries of Finance and Economy of the GCC.

The meeting builds on the success of the 106th Meeting of the Committee on Financial and Economic Cooperation held in Bahrain on 4 May 2017, which the appropriate mechanisms for the implementation of the two unified conventions on value added (VAT) and excise tax and the development of ports in a manner that enables it to meet the requirements of the GCC customs union, in line with the latest international customs practices.