EU to Establish Free Trade Zone with Gulf Countries

The European Union and members of the six-nation Gulf Cooperation Council (GCC) hoped to establish terms for a free trade zone by the end of the year, officials from both sides said in Brussels on Monday.

We are very close to an agreement, said Chairman of the GCC ministers Ahmad Bin Abdullah Al-Mahmoud, Qatar's minister of state for foreign affairs.

Al-Mahmoud, who met on Monday EU representatives in Brussels, said he hoped the signing of an agreement on the matter would be done this year.

He said that final agreement depends on some remaining technical questions for the GCC, which formed by Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, without giving further details.

EU Trade Commissioner Peter Mandelson said a few days ago in Egypt that the EU and the Gulf council can close a deal this year.

The two sides have been negotiating for a free trade zone since 2002.

 

 

Source: CRIEnglish