'UAE to implement nine MoUs in 2008'

In the year 2008, the UAE will implement the MoUs it signed with nine Asian countries in 2007, an official said. The nine countries include India, Pakistan, Bangladesh, Sri Lanka, China, Nepal, the Philippines, Indonesia and Vietnam.

Dr Matyam Al Hamaadi, director of the International Relations Department at the Ministry of Labour (MoL), said, "In light of the directives of the Minister of Labour, Dr Ali bin Abdullah Al Kaabi, we'll implement the MoUs we signed in coordination with the concerned authorities of the nine countries."

She added that the ministry would also send some of its staff abroad to get training on the international best practices.
The training courses will comply with the standards of the IOL charter and ALO, she noted. Source

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UAE Central Bank Governor defends dollar policy

"Gulf states need a collective political decision to end a long-standing Link between their currencies and the US dollar, UAE Central Bank Governor Sultan bin Nasser AI Suwaidi told the Oxford Business Group in an interview.

Al Suwaidi added that the UAE could be a right place to host the proposed Gulf Cooperation Council (GCC) central bank as part of plans to set up a monetary union.

In an interview with the Oxford Business Group he defended the slow moves by the UAE and its five partners in the GCC to create the long-awaited monetary union, noting that the six nations have never talked about a full union.

"I do not think the dollar peg affects our economic performance. The peg remains a GCC issue at this point. The peg has been beneficial to the UAE look at what we have achieved", Al Suwaidi said, indicating that "Of course, the sceptics will question this. At the end of the day, there is a relationship between how much you can sell and at what price. You cannot look at it in absolute terms".
He added that one could not necessarily sell the same amount of goods at a better price by being pegged to another currency.

Al Suwaidi said "on individual level we cannot do anything about the peg at this time. If we want to appreciate or depreciate our currencies or change the peg to a basket of currencies, we need to consult the other GCC countries as such matters constitute both economic and political decisions".

The governor said that the UAE is a strong candidate to house the proposed GCC central bank for the simple reason that it was the first of the six countries to offer to be its headquarters.
Al Suwaidi cited that the UAE is a strong candidate for three main reasons: first, it does not host many GCC institutions; second, the UAE was the first country to take the initiative to offer a place for the proposed GCC central bank; and third, the UAE adopts a free economy, one that is capable of attracting top industry talents.

He indicated that the entire UAE offers a pleasant environment that attracts human resources. More than anything Else, having the central bank would allow the UAE to help other GCC countries and serves as a leader in financial supervision and monetary policy.
"It is not a material benefit that we are seeking. It is rather leadership and being able to prove to the GCC states that we can drive forward and share our economic experience with them," Al Suwaidi said.

He defended the slow progress on the GCC monetary union, which has been set for 2010, adding that the plan now is not for a full union. The six members do not want to copy the monetary experience of European Union or any other bloc.
"We have never talked about a full monetary union. We have never aimed to have the monetary union as envisaged by the European Central Bank:' AI Suwaidi concluded. (WAM)

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Final statement of the GCC summit

The Supreme Council of the Gulf Cooperation Council discussed at the closing session of the 28th summit at Sheraton Hotel here regional and international political issues.
The council issued the following communique at the conclusion of the summit: It reiterated sovereignty of the United Arab Emirates over its three Islands: greater Tunb, lesser Tunb and Abu Mousa and areas around them, including regional waters, continental conclave, air and special economical zone of the three Islands as integral parts of the UAE.

The council called on Iran to respond to the UAE calls on solving the issue through direct negotiations or referral to the International Court of Justice.
It called for peaceful solution of the Iranian nuclear standoff, urging Iran to continue dialogue with the international community and welcoming continuous cooperation with the International Atomic Energy Agency (IAEA).
The council called on Israel to join the Nuclear Non Proliferation Treaty and subject all its nuclear installations to the IAEA inspection. It called on the international community to exercise pressure on Israel to respond in this regard.
The council called for making the Middle East free from all the weapons of mass destruction, including the Gulf, with undertaking that all countries have right to access experience in field of nuclear energy for peaceful purposes. This could be made accessible for all in line with pertinent international agreements.
It discussed situations in Iraq, Palestine, the Middle East peace, Lebanon, Sudan and Somali.
The council ratified the resolutions of periodic sixth meeting of the joint defence council.
It assigned a consultative authority to study inflation and soaring prices and their repercussions on citizens.
The council blessed the step reached by Saudi Arabia and Bahrain on allowing nationals of the two kingdoms to travel with smart cards. Earlier, the UAE and Sultanate Oman took a similar step. Other GCC countries will follow suit soon.
It reiterated the GCC countries' stance on anti terrorism in all forms. (WAM)

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Gulf Common Market

The 28th Gulf Cooperation Council (GCC) summit concluded here today, launching the much-awaited Gulf Common Market (GCM). The Doha Declaration issued at the end of the summit brought this vision into reality.

The following is the text of the Doha Declaration: Meeting the objectives stated in the basic system of the GCC to strengthen cooperation among member countries to create unity, Responding to aspirations of the GCC nationals in achieving GCC citizenship, including free transport, residency, employment, investment, health and social services, Boosting economies of the GCC countries in the light of international developments, which require stronger ties that could bolster negotiation position and competitive capacity in the world economy, Complementing the steps and efforts of joint economic work, Based on what is stated in the economic agreement on achieving the integration among the GCC countries in all economic fields and setting up of the gulf common market, Executing scheduled programmers endorsed by the supreme council at its 23rd summit in December 2002, on completion of the gulf common market requirements before the end of 2007, The Supreme Council of the GCC announces the launch of the gulf common market, with effect from Jan. 01, 2008.
As per this announcement, the GCC nationals will be treated equally in all the GCC countries in par with the nationals of each GCC country.

They will be allowed to:

• exercise all the economic, investment and service fields.
• exercise professions and handicraft.
• transact shares and set up of firms.
• Work at public and civil sectors.
• enjoy social security and pension
• enjoy free hold of property.
• enjoy capital transfer.
• enjoy preferential taxation deals.
• benefiting from the educational, health and social services.
• have free transport and residency

Issued in Doha city, on Tuesday, Dec. 4th, 2007

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Ball remains in the Iranian court

A major UAE daily today hailed the Iranian call at the GCC summit in Doha for Gulf states and Iran to work together towards establishing regional security and economic co-operation as a good step. But the paper opined that Iran has to do more by assuring its neighbours of peaceful intentions and also settle territorial issues in an equitable manner.

In its today's editorial comment, the Sharjah-based Gulf Today said much expectations were attached to the first appearance of an Iranian president at a summit of the Gulf Co-operation Council (GCC) because of the challenges the region faces and the pressing need to work on clearing the atmosphere of all major outstanding issues with a view to building regional co-operation.
"On the surface, Iranian President Mahmoud Ahmadinejad's call at the GCC summit in Doha on Monday for Gulf states and Iran to work together towards establishing regional security and economic co-operation sounded great. In principle, the GCC has always remained committed to regional interaction that would benefit all sides concerned and strengthen regional stability and security under the right conditions and circumstances", said the paper.
But the paper observed that Ahmadinejad spoke at the Doha summit as if everything else was fine, all the elements were in place for regional co-operation, and that it was only a matter of political will on the part of the GCC to build a strategic relationship with Iran.
"The Iranian leader did not refer to any of the key issues of concern to the GCC. He did not refer to Iran's controversial nuclear programme and did not talk about Iran's intentions regarding Iraq. Nor did he refer to the three UAE islands that is under Iranian occupation"., the paper said, adding that the UAE has repeatedly called for bilateral discussions to resolve the outstanding issue or to refer it to international judgment. Tehran has consistently brushed aside the calls.
Citing other issues between GCC states and Iran, the paper said Kuwait has a maritime border dispute with Iran blocking the development of a gas field.
What Ahmadinejad did at the GCC summit, the paper said, was to put the cart before the horse.
"How could there be any talk about security and trade co-operation between the GCC and Iran before Iran assures its neighbours of peaceful intentions and settles territorial issues in an equitable manner?", the paper asked.
The region needs to be assured of Iran's nuclear programme and Tehran's commitment to diplomacy to solve the dispute over the issue. Similarly, the region is anxious that the crisis in Iraq, a member of the Arab League, is addressed in the broader Arab and UN context.
"Tehran also has to move with seriousness to settle outstanding disputes with the GCC members, including the Iranian-occupation of the three UAE islands of Greater and Lesser Tunbs and Abu Musa and Iran's dispute with Kuwait as well as other issues that are sources of regional concern.
Only then there could be any move towards building a better relationship between the GCC and Iran. Ahmadinejad's speech did not move the ball from the Iranian court", the paper said.

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