A European official said that the launch of European chambers of commerce in the Gulf region will support the trend towards signing a free trade agreement between the two sides. The Minister Plenipotentiary, Head of the Commercial and Economic Affairs Department of Saudi Arabia, Bahrain, Oman and Qatar, Thomas Jorgensen, told Al-Bilad in response to a question about his optimism in concluding a trade agreement. European Gulf soon. The issue is not whether to be optimistic or not, but rather to look at the issue more realistically. There are two very important events in the European Union, the first of which is the European Parliament elections in the middle of this year, in addition to the change in leadership through the selection of a new commissioner for the Union.
He pointed out that negotiations between the Gulf and European sides regarding a free trade agreement had taken place previously, noting that the presence of European chambers of commerce in the Gulf region, whether in Riyadh or Bahrain, would push towards signing this agreement, which would strengthen trade relations between the two sides. Minister Thomas Jorgensen participated in an introductory meeting organized Thursday in Manama, attended by a group of businessmen and officials from the Bahrain Chamber of Commerce and Industry, to review the project to launch the European Chamber of Commerce in Bahrain. He continued, “It is possible that the new European Chamber in Bahrain will be part of the process of pushing towards the agreement.”
The European Union and the Gulf Cooperation Council launched negotiations on a Free Trade Agreement (FTA) in 1990. The aim of the FTA was to provide gradual and mutual liberalization of trade in goods and services. However, negotiations were suspended in 2008; Because it faced many challenges. In parallel with the negotiations, the upcoming free trade agreement between the European Union and the Gulf Cooperation Council countries was subjected to an assessment of its impact on sustainability. The agreement is expected to enhance trade exchange between the European Union and the Gulf, as the agreement will open new opportunities for companies on both sides, and will contribute The agreement aims to diversify the economies of the Gulf countries.
The European Union is the second largest trading partner of the GCC countries (just after China, 15.8%), and represents 12.3% of the GCC’s total trade in goods with the world in 2020.
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