A free trade agreement between the Gulf Cooperation Council and European Union is expected to be signed within the next two months, according to Saudi deputy finance minister Hamad Al-Bazie.
Al-Bazie, the GCC coordinator for the agreement, told Arab News “The FTA with the EU will be signed in October or November this year”.
Talks have been ongoing for the past 18 years. The GCC and EU signed a framework economic co-operation agreement in 1988, but have been unable to agree a free trade deal due to outstanding issues such as market access, government procurement rules and intellectual property rights. However 95% of conditions for the agreement were now fulfilled, Al Bazie said.
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