The European Union is the second trade partner of the Gulf Cooperation Council (GCC) countries (the United Arab Emirates, the Kingdom of Bahrain, the Kingdom of Saudi Arabia, the Sultanate of Oman, the State of Qatar and the State of Kuwait).

The key traded goods are fuels, accounting for over 75% of EU’s imports from GCC countries.

EU–GCC relations are based on the Cooperation Agreement Document signed in 1989, which establishes regular dialogues on cooperation between the EU and the GCC on economic relations, climate change, energy, environment and research.

On 16 October, the first summit between the EU heads of state and government and the Gulf Cooperation Council (GCC) took place in Brussels. The aim of the meeting was to establish and expand a close partnership with the GCC and its member states. The intended cooperation relates in particular to economic, environmental and interpersonal co-operation. At foreign minister level, both parties recently agreed on a joint cooperation programme for the period up to 2027. The EU is the GCC countries’ second largest trading partner. The volume of trade last year totalled around 170 billion euros.

The summit was an opportunity for the EU to build a closer partnership with the GCC and its member states (the United Arab Emirates, the Kingdom of Bahrain, the Kingdom of Saudi Arabia, the Sultanate of Oman, the State of Qatar and the State of Kuwait). At a time of difficult geopolitical circumstances, they are geostrategic partners.

EU and GCC leaders agreed to work together to promote global and regional security and prosperity, including with a view to preventing the emergence and escalation of conflicts and resolving crises through greater dialogue, coordination and engagement.

They recognised that cooperation is needed to address global challenges and strengthen multilateralism.

At the summit, EU and GCC leaders reaffirmed their shared commitment to a strategic trade and investment partnership, capitalising on opportunities in the following areas:

– improved business and investment environment

– green and digital transition

– sustainable energy

– connectivity

EU trade relations with the Gulf Coope

Source: Report from Brussels No. 34 10/2024