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Home Feature Economy

EU-GCC Strengthen Political And Economic Connections With New Agreements At Brussels Summit

The Global Economics by The Global Economics
October 17, 2024
in Economy
Reading Time: 4 mins read
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EU-GCC Strengthen Political And Economic Connections With New Agreements At Brussels Summit

EU-GCC Strengthen Political And Economic Connections With New Agreements At Brussels Summit

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In light of the cooperation agreement signed by the EU and GCC countries, they will continue to look into customs agreements that support trade and investments.

EU and the Gulf Cooperation Council called for urgent ceasefires in Gaza and Lebanon at a historic conference in Brussels on Wednesday, as they committed to strengthen their political and economic connections.  

It was the first summit following the cooperation agreement signed in 1989 between the EU and the GCC. Both parties emphasized the necessity of closer cooperation despite the regional tensions and global difficulties.

A joint statement following the meeting stated their regret for all civilian deaths, especially children, and the extreme hunger and famine brought on by the inadequate distribution of aid delivered to Gaza.

An EU official described the atmosphere as quite optimistic. Both parties emphasized intensive planning and the participation of leaders for the summit to take place and concluded in an agreed statement.

The leaders decided to have the summit every two years, with Saudi Arabia hosting the event in 2026.

The notable attendees of the event were Prince Mohammed bin Salman, Sheikh Maktoum bin Mohammed, the First Deputy Ruler of Dubai, the Minister of Finance, and the Deputy Prime Minister.

The Presidents of Austria, Slovakia, Denmark, and Poland were not there, along with German Chancellor Olaf Scholz. However, the majority of EU leaders were present. The arrival of French President Emmanuel Macron led to a three-hour delay for a group photo scheduled at 3 pm.

The conflict in Ukraine was a significant issue on the agenda. The UN declaration mentioned UN resolutions denouncing Russia’s invasion of Ukraine in 2022 and demanded respect for that territorial integrity.

The statement did not specifically mention Israel or Hezbollah, but it was vague on Lebanon, possibly a reference to some EU countries’ close relations with Israel.

The statement declared that they support the Lebanese people, expressed their concern over the dangerous escalation in Lebanon, and demanded an immediate ceasefire.

The leaders acknowledged the opposing viewpoints on some issues but agreed that both parties work to promote prosperity, security, peace, and collaboration.

Though the EU had supported Ukraine, differences over the Middle East still exist.

Council President Charles Michel, who co-chaired the summit with Qatari Emir Sheikh Tamim, cautioned against applying double standards in his opening remarks, a sentiment reaffirmed by Sheikh Mohammed, the prime minister of Qatar.

Alongside GCC Secretary General Jasem Al Budaiwi and EU Chief of Foreign Affairs Josep Borrell, Sheikh Mohammed stressed the importance of building alliances based on shared values and interests.

The EU and the Gulf have taken different approaches to the conflict in Ukraine and the Middle East. Some European officials who were outspoken about their support for Palestinian rights have acknowledged this.

Slovenia’s prime minister, Robert Golob, wanted the bloc’s foreign policy consistent.

Mr. Golob expressed his desire to be impartial towards all parties and respond in the same manner whenever there is a breach of international or humanitarian law.

Cinzia Bianco, a research fellow on the Gulf at the European Council on Foreign Relations, stated that the summit helped reach an agreement on geopolitical problems.

Ms. Bianco stated that there was a good level of participation, and it made a difference when so many member states got involved simultaneously.

According to sources, Iran was one of the most delicate topics. Leaders emphasized that engaging with Iran was critical to achieving regional de-escalation. According to reports, the GCC countries wanted to prevent a full-scale regional conflict with Israel, so they were willing to ease their tone of language towards Tehran.

Another significant area of concern was trade relations, as the EU and the GCC worked to resume negotiations on a free trade agreement that had broken down in 2008. At €93.8 billion ($102 billion), the EU ranked as the GCC’s second-largest import partner in 2023 at €76.3 billion.

The unified declaration did not prohibit the negotiation of bilateral and bloc-to-bloc agreements. It stated that they will work to advance their regional discussions to reach a regional free trade agreement between the GCC and the EU.

In light of the cooperation agreement signed by the EU and GCC countries, they will continue to look into customs agreements that support trade and investments.

Many countries, especially Saudi Arabia, demanded visas for GCC citizens who wanted to visit Europe. Additionally, it is beneficial for GCC citizens living in Europe. Even after the EU streamlined visa procedures this year, some challenges remain. Leaders pledged to work on realistic and helpful measures to create a safe and advantageous visa-free travel agreement between the GCC and the EU/Schengen.

Leaders are committed to green energy investments, humanitarian relief, and telecommunications. Gulf countries are hopeful about tangible initiatives like renewable energy infrastructure that will be achieved through this meeting.

Source: short URL
Tags: agreementBrussel summitecomonyEUGCCmiddle east
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The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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