The European Union (EU) and the Gulf Cooperation Council (GCC) are expected to sign a Free Trade Agreement (FTA) before the end of this year, reports the Saudi daily A-Riyadh.
EU Ambassador to Saudi Arabia Bernard Savage told the newspaper GCC foreign ministers are to meet with their EU counterparts in New York next month on the sidelines of the United Nations General Assembly to discuss issues pertaining to the FTA.
Experts from both sides held several meetings in July, during which they discussed the technical aspects of the FTA, Savage added. Further meetings are scheduled for October in Brussels. The meetings are expected to focus on political and economic aspects related to the agreement.
EU-GCC FTA deliberations have been ongoing for 15 years. The GCC is considered to be the EU’s fifth largest trade partner. In 2003 EU exports to the GCC totaled some 36 billion Euros, with imports reaching 19b. Both sides now want to expand their trade, economic and investment relations.