European Union Gulf Cooperation Council (GCC) Free Trade Agreement

Course summary European Union Gulf Cooperation Council (GCC) Free Trade Agreement:

الاتحاد الاوروبي - مجلس التعاون الخليجي اتفاقية التجارة الحرة

The European Union established bilateral relations with the GCC (Gulf Cooperation Council) countries through a Cooperation Agreement signed in 1988. Its objective is to contribute to strengthening stability in a region of strategic importance and to facilitate political and economic relations.

The Cooperation Council for the Arab States of the Gulf (GCC) is a regional organisation consisting of six Gulf countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates.

All six GCC countries currently benefit from preferential access to the EU market under the EU's Generalised System of Preferences (GSP).

EU trade with the six countries in the Gulf Cooperation Council (GCC) has been increasing since the 1980s and in 2009 it amounts to €79.7 billion.

Trade in goods:
- EU exports of goods to the Gulf region in 2009: €57,8 billion
- EU imports of goods from the Gulf region in 2009: €21,8 billion

EU-GCC Free Trade Agreement. The agreement would provide for progressive and reciprocal liberalisation of trade in goods and services, aiming to ensure a comparable level of market access opportunities, taking account of GCC countries' level of development.

Example of the course European Union Gulf Cooperation Council (GCC) Free Trade Agreement: