Kuwait partakes in GCC finance meeting in Riyadh

Kuwait partakes in the 92nd extraordinary meeting of the GCC Committee on Financial and Economic Cooperation scheduled to convene in Riyadh on Sunday -- to be represented by Finance Mustafa Al-Shimali. Ministry of Finance said in a statement, released on Saturday, the meeting is scheduled to exchange views between the ministers of finance and Economy in the GCC countries on various joint issues related to economic cooperation, which will be submitted to the Preparatory Ministerial Council, due on sidelines of the GCC Supreme Council at its 32 session. The meeting's agenda includes a number of key issues, such as holding complete discussion on draft mechanism for collection and distribution of customs duty revenues. The GCC Customs Union had been assigned to study it, the ministry said. Furtheremore, the ministers are scheduled to discuss functions and terms of reference of this body including custom procedures and supervision of proper application of the Customs Union requirements, it added. The Customs Union will monitor implementation of the scheduled completion of GCC Customs Union establishment requirements, due by end of 2014.Conferees are also scheduled to discuss results of the 44th meeting of the custom director-generals, namely regarding protection of tariffs and local agents, in addition to a proposed mechanism to deal with American goods, imported by the GCC countries bound with bilateral agreements with the United States, the statement added. They will also discuss the GCC Secretariat General note on a feasibility study to link GCC railway with Yemen, examine economic topics, submitted to the Supreme Council at its 32nd meeting, namely the judicial economic authority of the GCC, a report on functions of the GCC monetary union, implementation of the joint Gulf market and the GCC railway. Al-Shimali's delegation includes senior officials of Ministry of Finance and Foreign Affairs Ministry.