GCC, EU to accelerate trade exchange

 A workshop titled "Trade and Economic Relations between the EU and Gulf countries" was held here today to accelerate trade and investment cooperation between the Gulf Cooperation Council States and the European Union nations.

Organised by the Committee on International Trade and DG EXPO Policy Department at the European Parliament, the workshop thrashed out ways of reviving the bilateral free trade negotiations put on hold between the two sides since 2009.

Addressing the workshop's inaugural session, Dr. Abdul Aziz Hamad Aluwaisheg, Assistant Secretary-General for Political Affairs and Negotiations at the General Secretariat of the Gulf Cooperation Council, affirmed the Gulf countries' keenness to foster relations with the EU and highlighted the economic transformation and diversification plans developed by the GCC states to empower the private sector and increase its contributions to the GDP.

The European Union is still the major trade partner for GCC states, with bilateral trade exchange exceeding US$183 billion, he said, remarking, however, that the EU share of the GCC states' foreign trade decreased from 24 percent in1992 to 11 percent last year, which necessitates, he said, adoption of fresh measures to bring bilateral investments back on track.

The EU representatives in the Meeting called for streamlining the trade exchange between the two sides and accelerating investment incentives.

Source: Wam