2024-07-22 18:59:19
The United Arab Emirates (UAE) hopes to renew its trade talks with the European Union by the end of the year, the state minister responsible for foreign trade of the Persian Gulf country said, quoted by Reuters. He added that he was optimistic as the negotiations could be on a bilateral basis.
Negotiations between the EU and the Gulf Cooperation Council (GCC), a six-member bloc from the region that includes the UAE and Saudi Arabia, have long stalled, with the UAE lobbying the EU to resume talks only with emirates outside the GCC framework.
“We have launched the discussion – both bilaterally and through the GCC, and we are already meeting support from many EU member states,” said Thani bin Ahmed Al Zeyoudi. The UAE Minister of State also indicated that talks are possible in both formats, but is more optimistic about the bilateral option.
The UAE has long been pushing for more serious EU intervention in the Persian Gulf region, according to Reuters, quoted by BTA.
The EU and the GCC started trade talks as early as 1990, and their eventual conclusion would give European companies better access to a region that is currently the sixth largest market for European goods. However, the talks broke down in 2008 with no prospect of resuming anytime soon.