The European Union's (EU) Trade Commissioner Peter Madelson is making an official tour of Gulf Cooperation Council's (GCC) states within the upcoming days to hammer out the final terms of a Free Trade Agreement between the two economic blocs.
He is expected to embark on shuttle diplomacy, flying from city-to-city seeking compromises from GCC governments on final objections to a treaty.
Speaking in late January following marathon discussions between EU and GCC officials, Mandalson said that he felt a deal was very close.
"I welcome the constructive and positive atmosphere of this week's negotiations," he said on 21st January. "I believe that we are now in a position to resolve final issues and complete an EU-GCC FTA deal in the near future."
If an agreement is reached, it would be an historic achievement for both communities. Talks have been on and off for almost 20 years.
Free Trade Agreements have been secured between individual countries within the Gulf and the West, but to break down barriers between the whole of the GCC and the whole of the EU would be a remarkable achievement for Mandleson and his team.
If successful, it will pave the way for a meeting of Ministers in Brussels in April at which the FTA could be formally ratified.
FTA talks between the US and the UAE are currently stalled partly because negotiators are having to meet different conditions for government officials of each of the severn emirates.
CLICK HERE TO POST A COMMENT
| 6 stories
After years of enforced isolation Libya is back in the fold and Gulf investors are among the first arrivals.
Arabian Business talks to Bahrain Ecomonic Developent Board's CEO, Kamal Ahmed.
SURVEYS & REPORTS
Print this page
Email this to a friend
Discuss this article (0 Comments)
zoom
Mobile
