GCC-EU free trade deal 'likely to be signed in June'

11/05/2010 - Dubai Investment News
GCC-EU free trade deal 'likely to be signed in June'

Posted by Neil King

It is likely the long-awaited Free Trade Agreement (FTA) between the Gulf Cooperation Council (GCC) and the European Union (EU) will be signed at a joint ministerial meeting in Luxembourg on June 14th, an official has said.

Gonzalo de Benito, Spanish ambassador to the UAE, made the prediction in an interview with the Khlaeej Times while attending 'Europe Day' at Zayed University in Abu Dhabi at the weekend.

Spain currently holds the temporary Presidency of the Council of the European Union and Mr de Benito confirmed the FTA was one deal the country wanted to see pushed through during its tenure.

"We are keen to get the GCC-EU FTA during the presidency of Spain at the EU. Our presidency of EU will be till the end of June," said the ambassador, adding: "We have found a common ground even on the political clauses which EU includes in all the FTAs."

Mr de Benito said that once signed, the FTA would be the biggest of its kind in the world.

The EU currently has 27 members while the GCC comprises of six countries including the UAE.

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