The EU remains committed to discussing FTA with the GCC

Interviewed by: Fahad Al-Talal

Christophe Farnaud, the European Union Ambassador to Saudi Arabia, told (Maaal) that there is a high-level commitment between the Gulf Cooperation Council countries and the European Union to resume free trade negotiations between the two sides, noting that the negotiations began years ago but stopped.

He explained that the European Union is still committed to discussing the possibility of a free trade agreement with the Gulf Cooperation Council countries, stressing that the issue requires technical discussions to know what can be achieved.

Farnaud added: The volume of trade exchange between the European Union and the Gulf Cooperation Council countries in 2023 amounted to 170 billion euros, and this includes goods only and not services. He pointed out that the European Union is the second largest trading partner of the Kingdom of Saudi Arabia and the largest source of foreign direct investment in the Kingdom.

The statements of the European Ambassador Christophe Farnaud came on the sidelines of the press briefing held at the headquarters of the European Mission in Riyadh, which coincides with the upcoming summit between the European Union and the Gulf Cooperation Council in Brussels on October 16, where he stressed that this summit is being held for the first time between the two parties that have a common interest in cooperation and work. He explained that relations between the European Union and the Gulf Cooperation Council countries are not new, as they began with the signing of the cooperation agreement between the two sides in 1989. After more than 40 years, these relations have reached another level, especially after the European Union adopted a new strategy for the Gulf countries in May 2022, as the region is considered of strategic importance to the European Union.

The ambassador indicated that regarding the issue of visas for the Gulf region, there is great interest from the European Union and member states in developing this point to a higher level. The future goal we seek to achieve is the possibility of exempting visas between the Schengen area and the Gulf countries.

Within the framework of this cooperation, many political, economic and people-to-people initiatives have been implemented. The ambassador indicated that the European Union has appointed a special representative for the Gulf region to enhance high-level contacts. The first investment forum between Saudi Arabia and the European Union was also held last October with the participation of more than 1,500 companies.

The ambassador continued on the economic level, the first European Chamber of Commerce for the Gulf region was established this year in Saudi Arabia, with plans to establish other chambers in Bahrain. A security dialogue between the EU and the GCC has also begun, held at senior official level in January and ministerial level in April. Farnaud added that the upcoming summit in Brussels will bring together leaders to discuss a wide range of topics, including economy, trade, and investment. He stressed that the EU is Saudi Arabia’s second largest trading partner and largest source of foreign direct investment. The summit will also address pressing regional issues, such as Palestine and Lebanon, as well as the crises in Sudan and the Red Sea.