He said that the GCC economies have achieved significant success in diversifying their economies in moving away from over dependence on oil, and expanding to industries, commercial activities, transport and tourism. On the way, the countries also achieved social progress underscored by high standards in healthcare and literacy levels.

Al Mansoori added that the challenges facing the Gulf Cooperation Council included high import bills, non-oil trade deficit, and labor market and demography concerns cannot be ignored.

“It is important to focus on budgetary allocations, diversify exports and expand  bilateral trade and mutual investments in addition to creating new jobs for GCC citizens.”

Speaking on the sidelines of the conference, Al Mansoori said that UAE’s gross domestic product is expected to grow between 3 to 3.5 percent this year.

“The GCC invitation for Jordan and Morocco to join the group would, if it takes place, contribute to the expansion of  the GCC Common Market and harness the huge human, investment and financial resources available in the eight countries,” he added.

''The UAE is not thinking of capping the residence of foreign workers in the UAE,'' the minister emphasized, calling for creation of a thorough advanced statistical system to provide accurate data on the demographic structure and workforce.

He disclosed that the ministry had prepared a list of commercial agencies that would allow traders to import goods from the original producers directly without referring to the local agents.