By IANS
Dubai : The United Arab Emirates (UAE) has welcomed the creation of Gulf Cooperation Council (GCC) common market saying it would strengthen the alliance’s negotiating power, WAM news agency reported Thursday.
The launch of common market on Jan 1 will strengthen the Gulf alliance’s negotiating power in trade talks with other economic blocs, UAE Minister of Finance and Industry, Sheikh Hamdan said Wednesday.
He added that the common market would help regional industry in achieving economies of scale, upgrade production efficiency and achieve optimum use of resources.
Consolidation of economic, financial and banking policies of GCC member states will be among the results of the common market, UAE Minister of State for Financial and Industrial Affairs Mohammed Khalfan bin Khirbash said.
The six oil-rich GCC countries Saudi Arabia, the UAE, Bahrain, Kuwait, Oman and Qatar had launched a common market on Jan 1, allowing free flow of capital and giving GCC nationals freedom of movement, residency and employment – in both private and public sectors – in any of the GCC countries.