Riyadh and Abu Dhabi launched key initiatives during a meeting of the Executive Committee of the Saudi-Emirati Coordination Council.
The major plan includes developing a form of customs union, a joint cryptocurrency, and measures to ensure goods and supplies flow in the event of a crisis or a disaster.
The first meeting was held under the chairmanship of Minister of Economy and Planning Mohammed Al-Tuwaijri from the Saudi side, and the Minister of Cabinet and Future Affairs Mohammed Bin Abdullah Al-Gergawi from the UAE side.
During the meeting, the Council adopted the first version of the Saudi-UAE Coordination Council Manual.
Form of customs union, joint cryptocurrency
According to SPA:
- It was agreed to sign the mutual recognition agreement for the approved economic operators’ program to facilitate the flow of traffic at the customs outlets as soon as the required approvals from both sides are completed.
- In the field of entrepreneurship, the Financial Awareness Initiative for Saudi and Emirati Youth was launched to introduce and market the products of small traders between the two countries through the establishment of joint events.
- In the field of supply security, the Joint Security Cooperation Program was signed between Saudi Arabia and the UAE to test the supply chain and security systems in the major sectors of the two countries during a crisis or disaster and to identify the points of improvement and develop an implementation plan to address them.
- In the field of logistics and infrastructure, the initiative was reviewed and launched with the aim of unifying the procedures, facilities and legislations of the owners and facilitators of travel, in addition to the joint market initiative in aviation.
- The members of the Executive Committee team were accredited by the two sides to study, evaluate and follow up the project.
- In the field of services and financial markets, the virtual e-currency project was launched on an experimental basis and is restricted to trading between a number of banks in both countries in order to explore and prepare for future technologies.
- The other initiative is a Saudi-Emirati common market for civil aviation which aims to achieve comprehensive integration and cooperation in vital areas including air navigation, safety and security, and investigation of air accidents.
Saudi Arabia’s Minister of Economy and Planning Mohammed Al Tuwaijri said the agreement marked a vital breakthrough in relations between the two nations.
“The Council was established to create an exceptional model in cooperation relations between the two brotherly countries, and to seek to strengthen the ties of interdependence and develop them, and to support the development opportunities of the two countries economically, in human development and in terms of knowledge and to boost them,” Mr Al-Tuwaijri said.
“This places great tasks upon us, which we are honored to carry out, and we strive to achieve them in the fullest possible manner.”
"The UAE and the Kingdom of Saudi Arabia are two major economic powers, with their economies valued at more than $1.2 trillion," said Sultan bin Saeed Al Mansouri, Minister of Economy.
"The two countries are launching the largest urban and tourism developments in the Arab region and their cooperation is resulting in unlocking a considerable investment value, producing more than 25 projects in a number of essential sectors, and tapping myriad job opportunities, not only for their nationals, but for all Arab youth as well," he was quoted as saying by WAM.
Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, said the Saudi-Emirati Coordination Council lays down a new basis for Arab diplomacy that efficiently addresses critical and fundamental issues.
He underscored the significant role assumed by the Council at the global scene, politically, economically and socially.
"The Arab world is going through a watershed in its history during which it is facing myriad challenges, the survival of which entails that the two countries adopt an integrated vision toward regional developments. We should not look back on the past. Today Riyadh and Abu Dhabi are spearheading a major transition in the region and all parties concerned should support their efforts to ensure remarkable progress and development in the region," he added.