MANAMA — Gulf Cooperation Council finance ministers met at Bahrain's capital on Sunday to launch GCC Takamul, bringing the six-nation bloc a step closer to a common market and economic unity by 2025.

GCC Takamul is an electronic gateway for complaints and enquiries related to the Customs Union and the Gulf Common Market, Bahrain's finance minister Sheikh Salman Bin Khalifa Al-Khalifa said during the talks.

"The establishment of this gateway outlines its importance at the current stage amid the remarkable progress witnessed by the Gulf Common Market in achieving Gulf citizenship," the minister added.

Ministers also continued discussions on the collection and imposition of fees aimed at combating harmful practices in international trade.

Kuwait was represented at the meeting by finance minister and state minister for the economy and investment Khalifa Hamada alongside minister of commerce and industry Dr. Abdallah Al-Salman.

Sheikh Salman, who chaired the 114th meeting of the GCC Financial and Economic Cooperation Committee, also presided over the joint meeting with GCC Ministers of Commerce, in the presence senior officials representing member countries and the GCC General Secretariat.

He also welcomed the ministers and GCC Secretary General Dr. Nayef Bin Falah Al Hajraf and thanked them for attending the meeting in-person for the first time since the outbreak of the novel coronavirus (COVID-19).

He said that the meeting builds on the achievements and successes, hailing strong historic relations binding the GCC member countries across all sectors, particularly financial and economic fields.

He stressed the importance of continuing joint efforts to bolster common action and spearhead development and progress, adding that the current circumstances require a clear work plan to achieve economic recovery.

The delegation discussed economic ties between the GCC member countries, highlighting the recommendations of the Central Banks Governors’ Committee and the taskforce in charge of studying the G20 initiatives and the role of the customs union in boosting intra–trade exchanges.

Sheikh Salman also chaired the joint meeting between the Financial and Economic Committee and Trade Cooperation Committee, in the present of the Head of Negotiating Team Abdulrahman Al Harbi.

He congratulated Al Harbi on his appointment as general coordinator of the GCC Team in charge of the free trade negotiations. He also thanked former coordinator Dr. Hamad Al Bazea for his efforts. — Agencies