A free trade agreement (FTA) between the EU and the AGCC, the first region to sign the trade agreement outside Europe, has been delayed to 2006. Final negotiation rounds are to be held in Brussels on February 8 and 9 between the EU trade commission and the AGCC negotiation team. The agreement should be reached sooner than later because of surging trade, which doubled in four years to over US$81 billion last year.
The region is also a key location to access wider markets in Asia. The major immediate benefits to the AGCC from the FTA are mainly in respect of petrochemicals and aluminium. Petrochemicals already account for 7% of Gulf exports to the EU; with the FTA this proportion may raise to over 10% by 2010.
23-Dec-05 
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