{"id":17604,"date":"2024-10-15T00:00:00","date_gmt":"2024-10-15T00:00:00","guid":{"rendered":"https:\/\/www.fm.gov.om\/17604\/"},"modified":"2025-12-31T11:19:42","modified_gmt":"2025-12-31T11:19:42","slug":"gulf-european-summit-present-and-future","status":"publish","type":"post","link":"https:\/\/www.fm.gov.om\/en\/17604\/","title":{"rendered":"Gulf-European Summit: Present and Future"},"content":{"rendered":"

The first ever summit between the Gulf Cooperation Council and the European Union takes place on October 16 in Brussels. Leaders from the EU and GCC countries will come together in another milestone in their developing relationship. So what is the background and what are the central themes of the summit?<\/p>\n

What are the GCC and the EU?<\/strong><\/p>\n

The Gulf Cooperation Council (GCC)<\/a>\u00a0is a political and economic\u00a0alliance\u00a0of six Arabian Gulf countries \u2013 Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and\u00a0the\u00a0United Arab Emirates.<\/p>\n

\"Map<\/p>\n

It was established in 1981, headquartered in Riyadh, Saudi Arabia, to achieve wide ranging collaboration and coordination among its members based on their common objectives and their similar political and cultural identities. The GCC countries have formed their own customs union and a common market, allowing the free movement of goods and services providing a major boost to the Gulf economy.<\/p>\n

The European Union (EU)<\/a>\u00a0is an economic and political union between\u00a027 European countries headquartered in Brussels, Belgium.<\/p>\n

\"Map<\/p>\n

It has its roots in treaties signed by six countries in the aftermath of the Second World War. Since then, 22 more countries have joined (the United Kingdom left in 2020).<\/p>\n

It is now the world\u2019s biggest single market and trading bloc with freedom of movement for goods, services and workers. This has proved a major factor in the growth of the EU as an economic bloc.<\/p>\n

How are relations between GCC and EU?<\/strong><\/p>\n

Relations between the GCC and the EU are strong and growing stronger \u2013 both politically and economically.<\/p>\n

Formal relations were established by a 1989 Cooperation Agreement\u00a0to promote their economic development, creating jobs and prosperity.<\/p>\n

The EU-GCC Joint Cooperation Committee meets annually in Riyadh or Brussels to discuss trade, investment and regional cooperation. Foreign Ministers of both blocs last met in 2023 in Muscat<\/a> to further consolidate their partnership.<\/p>\n

\"Group-GCC-EU-Council-meeting\"<\/p>\n

There are now growing hopes that negotiations towards a job-creating Free Trade Agreement (FTA) that were suspended in 2008 might be reopened.<\/p>\n

In 2022, the EU said changes in the societies and economies of the GCC countries offer a wide range of opportunities for cooperation and investment.<\/p>\n

These opportunities are based on the ambitious transformative plans of the GCC countries \u2013 like Oman Vision 2040 \u2013 focusing on green transition, economic diversification and social reforms.<\/p>\n

Talks continue to try to reach agreement on visa-free entry and freedom of movement within the EU for all GCC citizens.<\/p>\n

International developments including the Israeli aggression in Gaza and Lebanon and the war in Ukraine will also be the subject of intense discussions.<\/p>\n

GCC countries will be looking for the clearest possible support for a ceasefire in Gaza and Lebanon, the opening of humanitarian aid routes and a commitment to a two-state solution creating an independent Palestinian state as the only solution that can secure lasting peace for the region.<\/p>\n

Why is GCC-EU trade important?<\/strong><\/p>\n

In 2022, the GCC\u2019s combined GDP was over $2tn. The EU\u2019s was over $16tn. (A trillion is 1,000 billion.)<\/p>\n

Together the EU and the GCC represent 20% of the global economy.<\/p>\n

The two blocs account for 17.5% of global trade and more than half of global foreign direct investments.<\/p>\n

2023 Trade Figures:<\/strong><\/p>\n

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