Home / Knowledge / News / Textiles / Mandelson calls for EU-GCC FTA deal to boost Gulf economies

Mandelson calls for EU-GCC FTA deal to boost Gulf economies

Mar '07
EU Trade Commissioner Peter Mandelson has called for "clear political leadership" from the Gulf Cooperation Council members to enable an agreement on a Free Trade Agreement between the GCC and the EU. Speaking at the Jeddah Economic Forum in Saudi Arabia. Mandelson argued that a completed FTA would make an important contribution to the greater diversification of Gulf economies by encouraging inward investment and boosting the competitiveness of Gulf exporters to Europe.

Mandelson said: "We are now very close to an agreement that will not only be the first ever region-to-region FTA in the global trading system but which has the potential to open doors for new investment and new trade beyond what we offer each other through the WTO. With clear political leadership from the GCC I believe we will be in a position to resolve the remaining issues and agree a deal soon. That is my goal".

Mandelson argued: "The Gulf is looking for a role in the global economy beyond the market for hydrocarbons. Like everything else on this planet that runs on oil and gas, the Gulf economy now needs alternative fuels. As the Gulf's biggest market, the EU has supported and encouraged regional economic integration among the GCC - which is a slow and complex process but vital for creating economies of scale and generating the opportunities for investment needed for employment growth".

He noted: "In Europe our challenge is maintaining an advanced economy with a rapidly ageing population. Here the problem is the opposite: the Gulf has an undiversified economy and a huge number of young people. Between a third and a half of the Gulf's population is less than twenty years old. The whole Arab world faces the same challenge - it needs to create 5 million jobs a year, every year, just to keep pace with population growth. And some two thirds - as much as three quarters here in Saudi Arabia - of the exports of the GCC are oil and gas, which are finite resources with highly volatile prices. Put those two facts together and you have a huge economic and human development challenge".

Must ReadView All

Pic: Shutterstock

Textiles | On 25th Sep 2021

EU extends GSP plus status for Pakistan with 6 new conventions

The European Union (EU) has extended its general system of...

Pic: Shutterstock

Apparel/Garments | On 25th Sep 2021

Bangladesh seeks Russian support for ensuring direct exports there

Bangladesh commerce minister Tipu Munshi recently sought Russian...

Pic: Boris-B / Shutterstock.com

Retail | On 25th Sep 2021

US’ Halloween spending to reach $10.14 bn this year: NRF

Consumer spending in the US on Halloween-related items is expected to ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Delay in adopting water sustainability both financially & environmentally...

Textile Industry, Head honchos

Textile Industry
Head honchos

Quality & affordability to affect market acceptability of new fibres

Textile Industry, Head honchos

Textile Industry
Head honchos

Good tidings expected for textile industry

C Maennich,

C Maennich

Trützschler, one of the world's leading textile machinery manufacturers,...

Bharat Ahuja,

Bharat Ahuja

A mono store brand, <b>Bharat Ahuja's</b> Desire Design Studio has emerged ...

Yawer Ali Shah,

Yawer Ali Shah

Synthetic colours and dyes were all the rage till the very first ban on...

Dr Anup Rakshit, ITTA

Dr Anup Rakshit

The Indian Technical Textile Association (ITTA) is the only association of ...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

 Natacha Defeche, Edana

Natacha Defeche

Since 1971, EDANA, the International association serving the nonwovens and ...

Raghavendra Rathore, Label Raghavendra Rathore Jodhpur

Raghavendra Rathore
Label Raghavendra Rathore Jodhpur

Being one of the first designers to use the "Brand India" positioning for...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

<b>Ruma Devi i</b>s a jet-setting promoter of artisans who has empowered...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search