The formation of the Economic and Development Affairs Authority of the Gulf Co-operation Council (GCC) ushers in a new stage in joint action by the six members of the bloc in the involved sectors, said Deputy Chairman of the Federation of UAE Chambers of Commerce and Industry Abdullah Sultan Al Owais on Saturday.

Achieving the goals of the Economic and Development Affairs Authority, formed by leaders of the GCC members during their 16th Consultative Meeting in May, would accelerate the GCC joint action, increase the bloc's economic efficiency and competitiveness at both the regional and international levels, improve citizens' living standards and life quality as well as promote happiness in member countries, he stated.

Creating the new body was a timely step to counter the fast-paced global economic shifts and challenges, Al Owais, who is also chairman of Sharjah Chamber of Commerce and Industry, further noted.