Kuwait city: The Sultanate of Oman took part in the 124th meeting of the Financial and Economic Cooperation Committee of the GCC States, which convened in the State of Kuwait. The gathering focused on discussions aimed at advancing financial and economic convergence, cooperation, and integration among the member states of the Gulf Cooperation Council (GCC).

According to Oman News Agency, the Omani delegation was led by Sultan Salim Al Habsi, Minister of Finance. The Committee considered recommendations and outcomes from various GCC committees, including the Governors of Central Banks Committee, the Joint Gulf Market Committee, the Customs Union Authority, and the Committee of Heads and Directors of Tax Administrations. Further, the meeting addressed the status of negotiations concerning Free Trade Agreements between the GCC and other international nations and blocs.

On the sidelines of the conference, two annexes were signed to amend the articles of the Unified Agreement for Value Added Tax (VAT) and the Unified Agreement for Selective Tax for the GCC states. In a separate event, the Minister of Finance and the Governor of the Central Bank of Oman participated in a joint meeting with GCC Ministers of Finance, Central Bank Governors, and the Managing Director of the International Monetary Fund (IMF).

The joint meeting explored the economic outlook and challenges within the region, focusing on fostering financial stability. Discussions included building fiscal buffers, deepening local capital markets, enhancing regional cooperation, accelerating structural reforms to boost productivity, coordinating fiscal and monetary policies, and supporting the region’s economic diversification agenda through enhanced cooperation and financing.