Page 968 - MOE ENGLISH PR - MAY 2024

The meeting emphasized the significance of establishing an investment
committee that will focus on the advancement of local and intra-regional
investments, attracting FDI and fostering partnerships with regional economic
blocs and organizations. In addition to benefiting member states and their
economies, an investment committee will also create opportunities for
cooperation with GCC partners and investment ecosystem stakeholders.

The Committee members reviewed the most recent advancements in the
Commercial Arbitration Center, and assessed amendments to the commercial
laws and regulations in GCC member states that are seeking to keep pace
with technological advancements and economic shifts, particularly in areas
such as the regulation of competition and consumer protection. The
Committee also highlighted the importance of establishing a unified GCC
legislation for commercial franchising, which would effectively regulate the
legal relationship between franchisors and franchisees. Ultimately, this
initiative aims to promote trademark and franchise expansion among member
states.

Another area of focus was the establishment of a legislative framework for
electronic and digital commerce among the GCC countries, ensuring
adherence to the procedural regulations of each country. The objective is to
promote and strengthen electronic and digital commerce within the member
states' markets. Additionally, there is an emphasis on leveraging their
collective expertise in this field.

The Committee also evaluated the arrangements for the second China-GCC
Economic and Trade ministerial meeting. It discussed preparations for the
accompanying forum, as well as planning for the first session of the China-
GCC Forum on Industrial and Investment cooperation, which will be hosted by
China this month. The goal of these meetings is to enhance economic and
trade collaboration, particularly in areas such as investment, industry, and
technology. Additionally, these efforts aim to establish a free trade agreement
between China and the GCC, which would benefit both parties.

https://en.aletihad.ae/news/uae/4483017/uae-reiterates-support-for-gcc-efforts-to-enhance-intra-
regi