GCC To Establish a Unified Definition of National Product; Discuss Incentives To Balance Competitiveness of Local Products

The Gulf countries are establishing a unified definition of the Gulf national product and are identifying suitable incentives to achieve balanced competitiveness of the Gulf national products.

An extraordinary meeting of the Gulf Co-operation Council’s Undersecretaries of the Ministries of Industry was on Tuesday convened here, which, among other items, discussed the latest developments in establishing a unified definition of the Gulf national product and its standards.

Mohamed bin Hassan al-Malki, Undersecretary of the Ministry of Commerce and Industry, chaired the meeting, which also considered the proposals presented by the GCC countries regarding defining localisation percentages and the selection of suitable incentives to achieve balanced competitiveness of the Gulf national products and supporting the private sector, and reviewing the progress made by member states in this regard.

The MoCI official acknowledged the Gulf countries' efforts in the development and management of their economic systems and policies over the past years to diversify the economies and enhance the involvement of non-oil sectors, particularly in the industrial domain, supporting comprehensive economic and industrial integration across the GCC countries.

He also participated in the first regular session of the executive office of the Gulf Organisation for Industrial Consulting (GOIC) in 2024.

The meeting focused on implementing decisions made during the second regular session in 2023. It also discussed the outcomes of implemented decisions taken by the Industrial Co-operation Committee in meetings (49) and (51), which are related to the organisation's operations.