Brussels, 25/06/2012 (Agence Europe) - After ten years of talks, the EU and the Gulf Cooperation Council (GCC) seem to be close to sealing a free-trade agreement.
As we went to press on Monday 25 June, High Representative Catherine Ashton was due to chair a ministerial meeting between the EU and the GCC (Saudi Arabia, Oman, Kuwait, Bahrain, the United Arab Emirates and Qatar) on the sidelines of the Foreign Affairs Council in Luxembourg. As well as discussing the situation in Syria and the Middle East, the parties are expected to take stock of progress on a trade deal between the EU and the six Persian Gulf oil kingdoms. Talks were begun ten years ago and, according to Trade Commissioner Karel De Gucht, are nearing their conclusion. Export duty is the only outstanding issue in negotiations. “I believe we could be in position to close a deal soon with clear political willingness on both sides”, De Gucht said in an interview carried by the Gulf media. He also highlighted the need for structural reform in the Middle East economies to improve an inefficient market and strengthen economic integration among the countries of the region, and also to resolve the problem of high food and energy prices, factors in the uprisings in the region. “The unrest in the region did not result solely from dissatisfaction with the entrenched political establishment and lack of democracy. People need to be equipped with education and training for the right jobs”, the commissioner argued, confident that changes towards policies which promote inclusive growth, enhance the role of civil society, strengthen efforts to combat unemployment and increase regional integration will pave the way for economic expansion in the Gulf. “The region needs diversification for economic development and growth. Trade, together with the right accompanying policies, will be key factors for the Gulf region's success”, De Gucht said. (EH/transl.rt)