The United Arab Emirates (UAE) does not perceive its negotiations for a free trade agreement with the European Union (EU) as a hindrance to a similar arrangement between the EU and the Gulf Cooperation Council (GCC), according to the UAE’s Minister of Trade on Wednesday.
“We don’t view this as an obstacle; instead, we see it as a starting point that will extend to the GCC… typically, agreements between blocs progress at a slower pace compared to bilateral agreements, which is why we are initiating this now to facilitate quicker advancement,” stated Thani Al Zeyoudi to the media.
He expressed the UAE’s eagerness to finalize a bilateral agreement with the EU “in a short timeframe, approximately three to six months.”
His comments came during an event in Dubai alongside the EU Trade Commissioner, Maros Sefcovic, as both parties officially commenced discussions.
The UAE, a prominent oil-rich nation in the Middle East, has consistently advocated for a stronger EU presence in the Gulf region, with the GCC being the EU’s sixth-largest export market.
Since 2021, the UAE has embarked on a series of bilateral trade, investment, and cooperation initiatives known as Comprehensive Economic Partnership Agreements, aimed at decreasing reliance on fossil fuels and enhancing long-term economic growth.
The EU and the GCC began discussing trade agreements 35 years ago; however, these talks were officially suspended in 2008.
Zeyoudi noted that the UAE’s previous bilateral discussions with countries like New Zealand and South Korea have resulted in trade agreements with the GCC.
Additionally, he mentioned that the UAE is exploring the possibility of initiating bilateral negotiations with the UK, and that China has also reached out for discussions, but emphasized that the UAE would prioritize talks within the GCC framework.