Interviews
Mandelson calls for EU-GCC FTA deal to boost Gulf economies
03 Mar '07
4 min read
Background:
In 1989 the EC and the GCC concluded a Cooperation Agreement containing a commitment from both sides to enter into negotiations on a Free Trade Agreement (FTA) between the EC and the GCC. The agreement also aims at facilitating trade relations, and strengthening stability in a strategic part of the world. The Free Trade Agreement negotiations started in 1990 but faced a standstill pending the decision from the GCC in 1999 to move towards a Customs Union by March 2005. The EU adopted a new set of negotiating directives in July 2001, including services and other areas included in recent FTAs. The negotiating directives stated as a condition for signature of such an agreement the constitution of a GCC Customs Union. The negotiations resumed in March 2002 and have been continuing until now.
What an EU-GCC FTA can achieve:
Like other EU FTAs under the Global Europe framework, an agreement with the GCC countries aims to build on WTO agreements and deepen progressive and reciprocal liberalisation of trade in goods and services. It aims to foster economic integration between the parties and develop rules on investment, intellectual property rights rules of origin and public procurement.The negotiating directives stated as a condition for signature of such an agreement the constitution of a GCC Customs Union. The negotiations resumed in March 2002 and have been continuing until now.
What an EU-GCC FTA can achieve: Like other EU FTAs under the Global Europe framework, an agreement with the GCC countries aims to build on WTO agreements and deepen progressive and reciprocal liberalisation of trade in goods and services. It aims to foster economic integration between the parties and develop rules on investment, intellectual property rights rules of origin and public procurement. The agreement would also cover political issues such as human rights, illegal immigration and fight against terrorism.
EU-GCC Trade: The GCC is currently the EU's sixth largest export market and the EU is GCC's first trading partner. In 2004 the EU exports to the GCC were around €40 billion whereas the EU imports from the GCC amounted to around €25 billion. The EU exports to the GCC are diversified with focus on machinery and transport materials (56%), in particular power generation plants, railway locomotives and aircraft. EU imports from the GCC consist mostly of fuels and derivatives (70% of total EU imports from the GCC countries).
Click here to read speech:
In 1989 the EC and the GCC concluded a Cooperation Agreement containing a commitment from both sides to enter into negotiations on a Free Trade Agreement (FTA) between the EC and the GCC. The agreement also aims at facilitating trade relations, and strengthening stability in a strategic part of the world. The Free Trade Agreement negotiations started in 1990 but faced a standstill pending the decision from the GCC in 1999 to move towards a Customs Union by March 2005. The EU adopted a new set of negotiating directives in July 2001, including services and other areas included in recent FTAs. The negotiating directives stated as a condition for signature of such an agreement the constitution of a GCC Customs Union. The negotiations resumed in March 2002 and have been continuing until now.
What an EU-GCC FTA can achieve:
Like other EU FTAs under the Global Europe framework, an agreement with the GCC countries aims to build on WTO agreements and deepen progressive and reciprocal liberalisation of trade in goods and services. It aims to foster economic integration between the parties and develop rules on investment, intellectual property rights rules of origin and public procurement.The negotiating directives stated as a condition for signature of such an agreement the constitution of a GCC Customs Union. The negotiations resumed in March 2002 and have been continuing until now.
What an EU-GCC FTA can achieve: Like other EU FTAs under the Global Europe framework, an agreement with the GCC countries aims to build on WTO agreements and deepen progressive and reciprocal liberalisation of trade in goods and services. It aims to foster economic integration between the parties and develop rules on investment, intellectual property rights rules of origin and public procurement. The agreement would also cover political issues such as human rights, illegal immigration and fight against terrorism.
EU-GCC Trade: The GCC is currently the EU's sixth largest export market and the EU is GCC's first trading partner. In 2004 the EU exports to the GCC were around €40 billion whereas the EU imports from the GCC amounted to around €25 billion. The EU exports to the GCC are diversified with focus on machinery and transport materials (56%), in particular power generation plants, railway locomotives and aircraft. EU imports from the GCC consist mostly of fuels and derivatives (70% of total EU imports from the GCC countries).
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