GCC criticises EU for delaying free trade deal |
|
Gulf oil producers have criticised the European Union (EU) for delaying the signing of a landmark free trade agreement (FTA) that could support their long-standing bid to diversify their oil-reliant economies.
The Federation of Chambers of Commerce and Industry in the six-nation Gulf Co-operation Council accused the Europeans of putting obstacles in the talks on the FTA and urged them to remove these barriers.
"There is a need to sign this agreement for the creation of a free trade zone as soon as possible in order to expand trade exchange and investment between the two sides," said Abdul Rahim Naqi, the federation's secretary general. "This agreement must cover all products and services without any exception and should lead to the creation of joint establishments to increase co-operation in intellectual property. For this purpose, we call on the European side to quickly remove all the obstacles it is imposing on the signing of this vital agreement, which will ensure the needed balance in our economic relations."
In a statement sent to Emirates Business yesterday from the federation's headquarters in Dammam, Naqi urged the EU to take into consideration the GCC's efforts to diversify their economies and income sources through the expansion of industries and other non-oil sectors. "Both sides have common interests and we both should work to serve these interests."
His figures showed EU barriers on GCC petrochemicals and other non-oil exports have kept the trade balance largely in favour of the Europeans. While the EU has also remained a key market for investments by the GCC countries, it has not given equal interest to the Gulf, he said.
Between 2002 and 2006, the cumulative foreign investments by the GCC nations totalled about $542 billion (Dh1.99 trillion), of which nearly $100bn were pumped into the EU. In contrast, the EU capital flow into the GCC stood at only about $2.6bn in 2006, less than one per cent of the European capital outflow.
The figures showed the GCC was the fifth largest market for European products in 2006, with EU exports to the region standing at nearly €55bn (Dh298bn). Its imports from the GCC, mostly oil and petroleum products, were estimated at €37.5bn, with a surplus of Dh95 billion.
"Gulf banks have also established strong presence in key EU markets, mainly London and Paris, and are participating in major projects there," Naqi said.
He made the statement to announce the organisation of a GCC-EU conference and exhibition in London from November 12 to 13, in which hundreds of officials and businessmen will participate. He said the event would focus on economic and investment co-operation and would be an opportunity for both sides to discuss progress made in their FTA talks.
The numbers
$100bn: Investments by the GCC nations in the EU out of the cumulative foreign investments between 2002 and 2006
$2.6bn: Capital flow from the EU into the Gulf in 2006, less than one per cent of the region's capital outflow to Europe.
By Nadim Kawach
© Emirates Business 24/7 2008
Community Comments (0) - 
Comment on this article 
Comment on this article
The opinions of the authors expressed herein do not necessarily state or reflect Zawya. Read our Comment Policy.
Loading ...
Zawya Comment Policy:
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Community Buzz
Stories
Companies
Most viewed companies by Community in the last 24 hrs
| Company Name | Country | Industry |
| Abu Dhabi Investment Council | UAE | Investment Firms and Funds |
| Saudi Telecom | Saudi Arabia | Telecommunications Services |
| Al Rajhi Investment Group | Saudi Arabia | Investment Firms and Funds |
| Qatar Investment Authority | Qatar | Investment Firms and Funds |
| Abu Dhabi Investment Company | UAE | Investment Firms and Funds |
| Barwa Real Estate Company | Qatar | Landlords and Developers |
| Dubai Chamber of Commerce and Industry | UAE | Associations |
| Saudi Binladin Group | Saudi Arabia | Construction and Design |
| Abu Dhabi Investment Authority | UAE | Investment Firms and Funds |
| Consolidated Contractors Company | Overseas | Construction and Design |
Projects
Most viewed projects by Community in the last 24 hrs
| Project Name | Country | Sector |
| IPIC - Abu Dhabi Crude Oil Pipeline (ADCOP) | UAE | Oil and Gas |
| Dubai RTA - Dubai Metro - Purple Line | UAE | Infrastructure |
| Qatar Foundation - Sidra Hospital | Qatar | Real Estate |
| Emirates Aluminium (EMAL) - Smelter Complex | UAE | Industry |
| Ras Tanura Integrated Refinery and Petrochemicals Complex | Saudi Arabia | Oil and Gas |
| Qatalum Aluminum Smelter | Qatar | Industry |
| ADCO - SAS Field Development | UAE | Oil and Gas |
| KNPC - Al Zour Refinery | Kuwait | Oil and Gas |
| Nakheel - Dubai Waterfront | UAE | Real Estate |
| Abu Dhabi Municipality - Salam Street and Mina Road Development | UAE | Infrastructure |