Stimulus Packages To Enable UAE To Shift To More Flexible Economic Model In Post-COVID-19 Era, Al Zeyoudi

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 27th Sep, 2020) Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, today chaired the 59th meeting of the Gulf Cooperation Council, GCC, Commercial Cooperation Committee, under the framework of the UAE’s presidency of the current session of the GCC.

The meeting, which was held via videoconferencing today, with the participation of Nayef Al Hajraf, Secretary-General of the Council, and GCC ministers of trade.

In his speech during the meeting, Al Zeyoudi called upon GCC members to strengthen their joint action and develop mechanisms for addressing various economic and commercial issues of growing importance, given the changes witnessed by the entire world caused by the COVID-19 pandemic, which have also created a range of new opportunities and business practices.

"We are currently witnessing growing global interest in more efficient and flexible economic models that rely on technology, and governments are now looking to adopt more open, fast and efficient trade policies, customs and logistical procedures that will ensure the continuity and growth of supply chains under all circumstances," he added.

Al Zeyoudi also pointed out that many countries have drafted long-term strategies aimed at promoting investment in the digital economy and the fourth industrial revolution, while encouraging small and medium-sized enterprises.

He then briefed the members of the committee about the UAE’s efforts, most notably its comprehensive and flexible package of 33 incentives aimed at supporting various economic sectors.

"Through this package, we will support economic activities and businesses, raise labour market flexibility, increase the investment attraction of added-value sectors, encourage companies operating in the digital economy, and support research and innovation-based SMEs," he said.

He further added that the package will enable the country to shift to a more flexible and sustainable economic model in the post-COVID-19 era.

The committee discussed ways for its members to support entrepreneurs and SMEs in GCC countries, as well as their cooperation in patents, consumer protection, certificates of origin and e-commerce.