CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. GCC To Sign EFTA Trade Deal

GCC To Sign EFTA Trade Deal

by Ulrika Lomas,, Brussels

04 June 2009

GCC Secretary-General Abdulrahman bin Hamad Al Attiyah has announced that the Gulf Cooperation Council will sign a joint free trade agreement with the EFTA states, Switzerland Iceland, Norway and Liechtenstein later this month. Both parties agreed the text of the agreement on April 24, 2008 and have now signalled they wish the agreement to enter into force.

Launched in February 2006 in Riyadh, the negotiations were concluded in Geneva in April 2008 after five full rounds. The agreed texts cover a broad range of areas including trade in goods, trade in services, government procurement, competition and intellectual property rights. Bilateral arrangements on agricultural products between the individual EFTA States and the GCC are also part of the package. To supervise the functioning of the FTA, a Joint Committee will be established.

Speaking on June 1, Attiyah noted that following the collapse of an agreement with the European Union the GCC has decided to push ahead with agreements with other European non-EU countries. The free trade agreement with the European Free Trade Association will be signed by Attiyah in Oslo, Norway on June 22.

In 2007, total merchandise trade between EFTA and GCC amounted to over USD5.4bn. Exports from the EFTA States, worth USD4.4bn, consisted mainly of clocks and watches, precious stones, pharmaceuticals and machinery. The EFTA States’ top import products from GCC States in 2006 included precious stones and aircraft/spacecraft.

The Gulf Cooperation Council is formed of Qatar, Saudi Arabia, Kuwait, Bahrain, the United Arab Emirates and Oman.

To see today's news, click here.


Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »

Stay Updated

Please enter your email address to join the mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.

To manage your mailing list preferences, please click here »