Arabian Business | 10 June 2008
GCC, EFTA to sign FTA by year-end
by Amy Glass
A free trade agreement (FTA) between the GCC and the European Free Trade Association (EFTA) could be signed by the end of 2008, the official Saudi Press Agency (SPA) reported on Monday.
The trade agreement was discussed at a meeting of GCC foreign ministers during a Ministerial Council meeting in Jeddah, according to the SPA.
The council was briefed on the latest developments on negotiations between the GCC and other countries and international groups, with plans for signing of the GCC-EFTA FTA before the end of the year, the news agency said.
The EFTA includes the European states of Iceland, Liechtenstein, Norway and Switzerland.
GCC Secretary General Abdulrahaman Al-Atiyya said in April the the two economic blocs had finalised and FTA after five rounds of talks in Geneva.
Al-Atiyya said the deal would improve economic cooperation, increase goods trade and open up new investment opportunities between the two regions.