Press reports indicate that negotiations on a free trade agreement between the European Union and the six-member Gulf Cooperation Council are likely to conclude this year. The two blocs still have a few outstanding issues to work out such as the prohibition of export duties, said EU Commissioner for External Relations Benita Ferrero-Waldner, but overall it appears both sides are committed to finalizing the FTA as soon as possible. Among other things, the agreement is expected to give the EU better access to the region’s reserves of oil and natural gas.
World Trade/Interactive
