Arab Times | 27 April 2008
GCC, EFTA in agreement over free trade
RIYADH (KUNA): Negotiations for a Free Trade Agreement between the states of the Gulf Cooperation Council (GCC) and the European Free Trade Association (EFTA) have been finalized, said Secretary General of the GCC Abdulrahaman Al-Atiyya on Saturday. The negotiations were completed in Geneva after five rounds of talks. The agreement will improve economic cooperation, increase the trade of goods, and offer further investment opportunities between the two regions.
The GCC is also holding a number of talks with the European Union (EU) this year as well as Iran and Korea, aimed at further trade-related treaties. A GCC-Singapore Free Trade Agreement was previously finalized earlier this year. The EFTA holds four European states comprising of Iceland, Liechtenstein, Norway and Switzerland whereas the GCC states are Kuwait, Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates.