Kuwait calls for digitising Arab resolutions on trade, GCC legislations

Kuwait's Minister of Commerce and Industry Khaled Al-Roudhan on Wednesday called for speedy adoption of the digital system for joint Arab resolutions at the levels of commerce, policies' unification and GCC legislations.

Minister Al-Roudhan, in a statement at the 56th meeting of the commercial cooperation commission of the GCC Secretariat General, said the meeting agenda includes adoption of "electronic files" for the commercial committees' meetings, mortgage, commercial matters, bankruptcy and various other trade affairs.

He called on his colleagues to rapidly tackle these issues and related laws, in line with instructions by the GCC countries' top leaders.

GCC Secretary General Abulatif Al-Zayani, said constructive economic cooperation and previous joint accomplishments among the Council member states have contributed to creating "new and clear horizons in various spheres in the economic and commercial sectors at the level of regional states."

He attributed the accomplishments to efforts that had been exerted at committees' level, thus paving the way for growth of inter-GCC trade, soaring in value to $ 133 billion in 2017.

GCC states ranked among top countries that export commercial commodities, in 2017, value of which reached some $ 546 billion. By contrast their imports reached some $ 450 billion, and value of trade exchanges between the member states and the world was at $ 985 billion, he added.

Turning to a meeting that grouped His Highness the Amir Shaikh Sabah Al-Ahmad Al-Jaber Al-Sabah with GCC ministers and chiefs of chambers of commerce, he said that His Highness had underlined key role of the private sector to boost economic and social development in the GCC countries.

Joint GCC action, namely effort by the GCC commercial cooperation committee, has been helpful in overhauling investment conditions, for local and foreign entrepreneurs, in the Gulf countries.

Kuwait's Commerce Undersecretary Dr. Khaled Al-Fadhel affirmed that cooperation among GCC countries had led to diverse major accomplishments, namely enacting a large number of laws and regulations. He called for agile enactment of further joint laws, including the bylaw for combating commercial fraud.