UAE’s Minister of State for Financial Affairs Obaid Al Tayer has stressed the importance of cooperation among Gulf Cooperation Council states to take the appropriate measures in containing the financial and economic impact of the coronavirus pandemic. "The UAE is ready and willing to communicate and consult on all issues that support joint Gulf economic policies,” he said Wednesday. The UAE backs any efforts made by member countries to quell the consequences of the pandemic and limit its spread,” said Al Tayer. “We want to mitigate its economic impact on various sectors in GCC countries and to further bolster them to achieve strong, sustainable, balanced and comprehensive growth." His statement came while chairing the 111th meeting of the GCC Financial and Economic Cooperation Committee, which took place virtually to discuss the recommendations and findings from the 57th meeting of the GCC Under-Secretaries of Ministries of Finance Committee, and ways to take the necessary steps. During the meeting, the conferees discussed the precautionary measures and efforts undertaken by GCC countries to tackle the financial and economic impact of the pandemic. They also held talks on joint Gulf action, including the Customs Union, the GCC common market, as well as the minutes of the GCC Committee of Governors of Monetary Institutions and Central Banks. Also discussed was the UAE’s proposal regarding the meeting of the committees affiliated to the Financial and Economic Cooperation Committee. The proposal aims to improve the unified Gulf economic work system with recommendations to provide an integrated mechanism, along with a road map to achieve them. Furthermore, the meeting discussed the decision of the 40th session of the GCC Supreme Council. The 40th session agreed to assign the Financial and Economic Committee to accredit and implement the necessary decisions for joint action in the Customs Union, including the amendments of the Common Customs Law, the Guide for Customs Procedures, a unified guide to releasing foreign goods, as well as amendments of the unified tariff. The Deputy Ministers of Finance Committee held its 57th preparatory meeting for the 111th meeting of the GCC Council of Economic and Development Affairs earlier this week.