Business & Money | Monday 25 May, 2015 10:36 am |

The Ministries of Commerce and Industry in the Gulf Cooperation Council (GCC) states are in the process of unifying six trade laws, following a decision taken in this regard at a recent meeting in Doha.

A source at the GCC secretariat has been quoted as saying in the local media that the laws involve a unified trade system, consumer protection law, commercial anti-cheat system, trademarks law, anti-dumping law, compensation measures and a competition system.

According to the source, the ministerial meeting held in Doha discussed the issue of the flow of goods between Gulf states.
On the subject of the standardization of insurance legislation, the source said a committee will be formed to take on the project, and the General Secretariat has been entrusted with the task of defining the affiliation of this committee.
The source said that the Saudi Arabian Monetary Authority (SAMA) will supervise the insurance system, while the Ministries of Commerce in the other Gulf states will supervise this system and its regulations.

The proposed law, according to the source, will be referred to legal experts in the insurance sector. Its development, discussions and implementation will depend on the next meeting of the committee.
The source said four problems facing the flow of goods were discussed during the recent ministerial meeting to find applicable solutions to overcome these problems.
The 51st meeting of the trade cooperation committee of the GC countries was concluded in Doha by approving a number of recommendations to strengthen joint cooperation between Gulf countries.
Khaled Al-Shamaly, undersecretary of the Ministry of Commerce and Industry in Kuwait, was quoted as saying that the decisions and recommendations come to complement trade and economic integration among GCC states.

He said the meeting is a step toward further successes and achievements by the GCC states.
“The meeting approved the draft of regulations of the trademark systems of GCC countries and discussed other trade-related issues,” explained the source.
According to the source, the meeting approved a proposal submitted by the UAE to establish a committee to develop and regulate the insurance industry in GCC countries. It also approved holding a joint exhibition in Riyadh which will include the 16 GCC States, October 21-27, 2016.

In addition, the meeting approved recommendations of the technical committee for intellectual property in GCC countries.
The source explained the meeting also approved recommendations of the World Trade Organization (WTO) committee involving the proposition submitted by Kuwait toward the Arabization of the language at WTO.

“Such resolutions and recommendations are aimed at further cooperation, and economic and trade integration between GCC states, and to consolidate the opinions and views of Gulf states when dealing with international organizations, the economic in particular,” said the source.