Negotiations for a free trade agreement (FTA) between the GCC and the EU have advanced impressively according to industry reports, while an FTA agreement is expected to be signed between the two parties before the years' end.
"Since the visit of the European Trade Commissioner, Peter Mandelson, to Abu Dhabi in June, the negotiations have received the political stamina necessary for achieving remarkable progress," said an EU official according to Gulf News.
"At the official and technical levels, there have been a lot of activities since Abu Dhabi's meeting, and the European side is currently identifying the final stage of the negotiations," he added.
The EU is seeking unrestricted access to investment opportunities in the GCC region. There was no agreement within the GCC regarding foreign investment in local energy projects, though there is apparently potential for the relaxing of GCC the rules related to investments and rules of origin.
