US officials are engaged in "informal" talks with several GCC countries on possibly concluding a Middle East Free Trade Agreement (Mefta) by 2014, it was revealed yesterday.
Turkish President Abdullah Gul said Wednesday his country planned to sign a free-trade agreement with Arab Gulf countries after two years of negotiations with the six-nation Gulf Cooperation Council. «We are keen on buying Qatar’s gas,» Gul told reporters.
The Singapore government said Thursday it has substantively concluded negotiations with the six-nation Gulf Cooperation Council for a free trade agreement. The final round of talks, held from 28-31 January 2008, was the last of four that started in January 2007.
It seems that more time is needed before the six-nation Gulf Cooperation Council and 27-member European Union sign a long-awaited free trade agreement. Qatar’s deputy premier and minister of energy and industry Abdullah Bin Hamad Al Attiyah recently raised the alarm bells, speaking of "endless" EU conditions.
GCC countries need to have a strong coordinated stance in the free trade talks with the European Union, top Arab officials demanded on Sunday. "The Europeans get the lion’s share out of any deal they break in the GCC, while we incur the losses and burdens," said Abdullah Bin Hamad Al Attiyah, the Qatari Deputy Prime Minister and Minister of Energy and Industry.
Yemen will soon become a regular member of the GCC, following the GCC leaders’ agreement to a request by Saudi King Abdallah. In addition, a GCC-EU free trade agreement is expected to be signed during 2008.
The six oil-rich Gulf monarchies ushered in the New Year on Tuesday by setting up a common market with a combined economy of 715 billion dollars.
The Arab world holds an important position in Chinese enterprises’ global strategies. It is predicted that China and the Gulf Cooperation Council will sign a free trade agreement soon.
A leading industry body has urged the Indian government to keep key petrochemical products outside the purview of the proposed free trade agreement with the Gulf Cooperation Council, fearing unfair competitive advantage.
Leaders of the six-member Gulf Cooperation Council (GCC) yesterday announced their plan to launch a common market in January 2008 and a currency union by 2010 in addition to maintaining their currencies’ peg to the US dollar.
The Gulf Cooperation Council and 25-member European Union failed on Sunday to overcome obstacles to a free trade agreement that has eluded them for nearly 20 years, the Qatari finance minister said.
Korea-GCC FTA preliminary talks will be held on November 21 at Riyadh with a view to initiating FTA negotiations in 2008.
The delay in signing the EU-GCC FTA has resulted in a chain reaction as the European Union will now apply new standards in negotiating trade agreements, according to Sweden’s minister of "free" trade
A proposed free trade agreement (FTA) between Iran and the six Gulf states would help boost the regional economy, Iran’s ambassador to the UAE said yesterday.
As part of an ambitious plan to widen economic cooperation, the six-nation Gulf Cooperation Council and South Korea are all set to start negotiations after Ramadan to implement a free trade agreement
While Iran and the United States exchange aggressive statements, the Arab countries of the Gulf Cooperation Council (GCC) have been busy building trade relations with Tehran and charting an economic course with a potential of mending ties in a tough neighbourhood.
Tehran is ready to hold talks with the Persian Gulf Cooperation Council on a free trade pact.
The much-awaited Free Trade Agreement between India and GCC appears to have hit yet another roadblock with the Indian Revenue Department opposing the inclusion of crude oil in the pact.
The six-nation GCC (Gulf Cooperation Council) is fast becoming a regional trading bloc as more countries now want to forge free trade agreements (FTA) with it following its trade negotiations with China and India.
UK businesses are increasingly likely to lose out to the US on valuable Gulf export opportunities because it is taking so long for the EU to negotiate a Free Trade Agreement (FTA) with the region’s key states, says Trowers & Hamlins, the international law firm.