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RIYADH: The EU and the Gulf Cooperation Council are making strides to deepen their economic ties, with a focus on green transitions and the mutual pursuit of sustainable energy solutions.
Both blocs prioritize collaboration on renewable energy, energy efficiency, and the shared goal of reducing reliance on traditional fossil fuels.
In a joint statement following the first EU-GCC summit on Oct, 16 in Brussels, they reaffirmed their commitment to strengthening their trade and investment relationship based on shared objectives and ambitions.
“We reaffirm our joint commitment to a strategic trade and investment partnership built on mutual interests and goals,” the statement declared.
The statement further emphasized the importance of leveraging opportunities presented by an improved business and investment environment, as well as focusing on green and digital transitions, sustainable energy, connectivity, and sectoral cooperation to enhance economic integration and diversification.
European Commission President Ursula von der Leyen, after her meeting with Saudi Crown Prince Mohammed bin Salman, underscored the pivotal role of sustainable energy in the evolving EU-GCC partnership.
“We aim to strengthen EU-GCC cooperation, create an economic corridor to enhance trade in renewable energy, data, and people-to-people exchanges, and work together to ensure the security necessary for economic growth,” she stated.
Both blocs are working to develop tailored agreements that address the unique economic strengths and needs of their respective regions.
Discussions are also focused on enhancing protections for intellectual property rights, particularly regarding geographical indications, which safeguard the origin and quality of regional products. This is expected to boost confidence among investors and businesses.
The EU and GCC are dedicated to advancing their partnership through continued dialogue and cooperation, exploring new opportunities for economic collaboration, and enhancing joint investments across key sectors.
“We agree to continue our dialogue on a regular basis by holding a summit every two years and look forward to the next summit in Saudi Arabia in 2026,” stated the joint statement.
Jasem Al-Budaiwi, the GCC secretary-general, noted that the event underscores the shared commitment of both regions to strengthen political and economic partnerships, as well as to advance cooperation in areas such as political coordination, energy, health, education, and cultural exchanges.
He also highlighted the robust trade relations between the two blocs, mentioning that trade volume between the GCC and the EU exceeded $204 billion in 2022, accounting for approximately 13 percent of the GCC’s total trade in goods.
Al-Budaiwi reported that GCC exports to the EU reached $106 billion, while imports from the EU amounted to about $98 billion, reflecting the significance of their trade relationship.
He reaffirmed the importance of ongoing collaboration, emphasizing that these trade figures demonstrate the depth of economic ties and the potential for future growth.