July 13, 2010EU, GCC determined to expand economic cooperation
The European Union (EU) and the Gulf Cooperation Council (GCC) have agreed to hold an "economic dialogue" every year to boost and expand economic and trade cooperation and relations between the two major regional blocs.
The agreement came following the second EU-GCC Economic Dialogue which ended here late on Monday.
"The dialogue is rolling again. The last one was in 2003. This dialogue is very important. We have decided to have this dialogue annually," Adnan al-Kandari, Director of Directorate of Economy at Kuwait's Finance Ministry, told Kuwait News Agency (KUNA) in an interview.
Al-Kandari chaired the meeting from the GCC side as Kuwait holds the current GCC Presidency.
"We will see what will be on the agenda of the next meeting. It depends on the latest developments in the economic situation," he added.
The first Economic Dialogue between the 27-member EU and the 6-member GCC was held in 2003.
On his part, Peter Bekx, Director for international economic and financial affairs at the European Commission who led the EU side, said "the meeting was very constructive, very useful." "We exchanged views on a number of very important issues like how to exit from the economic crisis, and monetary and regional integration. I think we both can learn from each others' experience," Bekx told KUNA.
"The atmosphere was very open. We have been able to learn a lot from each other. Both parties very definitely agreed to continue with the normal pattern of having the meeting every year. So next year we will meet again," he noted.
"We have seen over the past a positive development in the economic relations so I would expect that to continue in the interest of both the GCC and the EU," added the EU official.
Al-Kandari pointed out that that the one-day Dialogue focussed on three main issues, global financial crisis and policy responses, the EU single market and the GCC common market , and the development of institutional architecture in the EU and the GCC.
He stressed that the GCC is a major partner for the EU and the EU is a major partner for the GCC.
"We are trying to enhance other fields than trade and services and goods," he said.
"We are delaying the FTA (Free Trade Agreement) negotiations and we are concentrating on the economic issues till the end of this year because we are taking our time in the GCC to make another assessment of the whole negotiations, not only with the EU," explained Al-Kandari.
After nearly two decades of negotiations, the EU-GCC-FTA negotiations are currently on hold.
The second EU-GCC Economic Dialogue comes as a follow-up to the Action Plan which was endorsed by the EU-GCC ministerial meeting held in Luxembourg on 14 June.
"This is one part of the plan and we have to follow the other parts to foster the relationship between the EU and the GCC," said Al-Kandari.
"I think the EU-GCC relations are heading on the right track," he concluded.
Kuwait News Agency
The European Union (EU) and the Gulf Cooperation Council (GCC) have agreed to hold an "economic dialogue" every year to boost and expand economic and trade cooperation and relations between the two major regional blocs.
The agreement came following the second EU-GCC Economic Dialogue which ended here late on Monday.
"The dialogue is rolling again. The last one was in 2003. This dialogue is very important. We have decided to have this dialogue annually," Adnan al-Kandari, Director of Directorate of Economy at Kuwait's Finance Ministry, told Kuwait News Agency (KUNA) in an interview.
Al-Kandari chaired the meeting from the GCC side as Kuwait holds the current GCC Presidency.
"We will see what will be on the agenda of the next meeting. It depends on the latest developments in the economic situation," he added.
The first Economic Dialogue between the 27-member EU and the 6-member GCC was held in 2003.
On his part, Peter Bekx, Director for international economic and financial affairs at the European Commission who led the EU side, said "the meeting was very constructive, very useful." "We exchanged views on a number of very important issues like how to exit from the economic crisis, and monetary and regional integration. I think we both can learn from each others' experience," Bekx told KUNA.
"The atmosphere was very open. We have been able to learn a lot from each other. Both parties very definitely agreed to continue with the normal pattern of having the meeting every year. So next year we will meet again," he noted.
"We have seen over the past a positive development in the economic relations so I would expect that to continue in the interest of both the GCC and the EU," added the EU official.
Al-Kandari pointed out that that the one-day Dialogue focussed on three main issues, global financial crisis and policy responses, the EU single market and the GCC common market , and the development of institutional architecture in the EU and the GCC.
He stressed that the GCC is a major partner for the EU and the EU is a major partner for the GCC.
"We are trying to enhance other fields than trade and services and goods," he said.
"We are delaying the FTA (Free Trade Agreement) negotiations and we are concentrating on the economic issues till the end of this year because we are taking our time in the GCC to make another assessment of the whole negotiations, not only with the EU," explained Al-Kandari.
After nearly two decades of negotiations, the EU-GCC-FTA negotiations are currently on hold.
The second EU-GCC Economic Dialogue comes as a follow-up to the Action Plan which was endorsed by the EU-GCC ministerial meeting held in Luxembourg on 14 June.
"This is one part of the plan and we have to follow the other parts to foster the relationship between the EU and the GCC," said Al-Kandari.
"I think the EU-GCC relations are heading on the right track," he concluded.
Kuwait News Agency
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