The UAE is hopeful to resume trade negotiations with the European Union by the end of the year, according to Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade. Talks between the EU and the Gulf Cooperation Council have been stalled, leading the UAE to push for separate bilateral discussions with the EU. Dr. Al Zeyoudi expressed optimism that talks would proceed on a bilateral level, seeing it as an “added value” to the current situation. The UAE has long advocated for increased EU involvement in the Gulf region, seeking to strengthen economic ties.
Negotiations between the EU and the GCC started in 1990 but were suspended in 2008. A potential trade agreement between the two entities would provide European companies with better access to the Gulf region, which is currently the EU’s sixth-largest export market. A broader deal with the GCC could also lead to increased investments from Gulf sovereign wealth funds into EU member states, creating opportunities for further economic collaboration. Despite these challenges, the UAE remains committed to deepening its ties with the EU.
Dr. Al Zeyoudi mentioned that the UAE is on track to finalize a free trade zone agreement with the Eurasian Economic Union, which includes countries like Russia and Belarus, before the end of the year. However, he does not believe that this agreement will hinder the UAE’s efforts to strengthen its relationship with the EU. The UAE is open to expanding its relationships with various partners and is keen on pursuing closer ties with the EU. With the support of many EU members, the UAE is hopeful that talks will progress smoothly and lead to a mutually beneficial trade agreement.
By advocating for separate bilateral talks with the EU, the UAE aims to reinvigorate trade discussions and forge closer economic partnerships. Dr. Al Zeyoudi’s optimistic outlook on the potential bilateral talks signals a strong commitment to enhancing trade relations with the EU. As the UAE continues to push for increased EU involvement in the Gulf region, the prospect of a successful trade agreement could open up new opportunities for economic growth and collaboration between the two entities. The UAE’s efforts to pursue closer ties with the EU highlight the country’s commitment to expanding its global partnerships and fostering mutually beneficial relationships.
