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7/23/24, 2:13 PM UAE hopes to reactivate trade talks with EU this year
The EU and energy-rich GCC started trade talks in 1990 that, if reached, would give companies in the
European bloc better access to what is today the EU's sixth-biggest export market. However, the talks
were formally suspended in 2008.
A broader deal with the GCC could further open EU member states to investments from Gulf sovereign
wealth funds, major cross-sector investors who take a decades-long outlook.
But the GCC has signed very few trade deals. It finalised a pact with South Korea last year, 16 years
after talks started, and entered into negotiations with Britain in 2022.
Al Zeyoudi said the UAE expects to conclude a free trade zone agreement with the Eurasian Economic
Union, which includes Russia and Belarus, before the end of year.
The minister said he did not think that would affect the UAE's efforts to pursue a closer relationship with
the EU.
"We're going to be always open and keen in expanding the relationship with anyone," he said.
(Reporting by Catherine Cartier; Editing by Yousef Saba)
RELATED TOPICS
UAE EUROPEAN UNION TRADE
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