EU Says Ready to Resume Free Trade Talks with Gulf

Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)
Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)
TT

EU Says Ready to Resume Free Trade Talks with Gulf

Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)
Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)

Chair of the European Parliament’s Foreign Affairs Committee David McAllister said the European Union is ready to resume free trade negotiations with the countries of the Gulf Cooperation Council (GCC).

In an interview to Asharq Al-Awsat, he said Europe, along with the rest of the world, was shocked by US President Donald Trump’s 20% tariffs on European imports.

He stressed that the partnership with Saudi Arabia was stronger than ever, noting that the European Parliament is seeking to elevate ties to the level of strategic partnership agreement in various fields.

McAllister stressed that Saudi Arabia is a main bilateral and regional partner to the EU in the Gulf region and beyond.

The partnership is stronger than ever, he stated, while hailing Saudi Arabia’s growing regional and international diplomatic role.

He also noted untapped potential in bilateral relations between the EU and the Kingdom.

The European Parliament supports the development of the relationship towards the level of strategic partnership, he added. This will provide a binding political and legal framework to bolster cooperation between the EU and Saudi Arabia in several fields beyond the economy.

The European Commission agreed on April 1 to launch negotiations and the issue is awaiting approval from the parliament to officially kick them off.

On Saudi Arabia’s diplomatic role, McAllister described Riyadh as a main player in the region.

On its position on Gaza, he underscored the Saudi leadership’s participation in the international coalition for the implementation of the two-state solution and its support for the Arab recovery and reconstruction plan.

He also highlighted Saudi Arabia’s constructive role in backing the reconstruction of Syria after the ouster of President Bashar al-Assad. He also noted its role in facilitating talks between Lebanon and Syria in resolving border issues.

Moreover, McAllister said Saudi Arabia played a successful role in achieving a ceasefire in Yemen and it recently hosted complex negotiations between the United States and Russia.

The official expressed Europe’s appreciation for the hosting of the negotiations, saying, however, that it is important for Ukraine to be present at ceasefire talks because its future is at stake. The EU must also be present because peace in Ukraine also affects it.

Asked about Saudi Arabia’s Vision 2030, McAllister said Brussels believes it has promising opportunities to explore in the Kingdom.

The EU appreciates the ambitious economic goals set by Vision 2030 and that aim to diversify the economy and ease the reliance on oil and gas, he went on to say.

He said opportunities for cooperation were available and they can pave the way for the establishment of a strategic partnership agreement and a platform for high-level bilateral cooperation in various fields, such as trade, innovation, energy, security and others.

He added that the EU welcomes the shift towards modernization set out by Vision 2030, while also understanding the challenges related to it.

The EU is ready to support Saudi Arabia’s economic and environment projects, McAllister stressed.

On the free trade talks, he said the EU is ready to resume negotiations with the GCC.

The EU is committed to bolstering bilateral ties with the Gulf to meet the commitments set out during the EU-Gulf meeting in October, he stressed.

The work program reached during the meeting covered security, climate, communications and trade.

McAllister stressed that Europe supports the signing of an ambitious free trade agreement that would help in achieving Vision 2030.

He pointed to negotiations that have been kicked off with the United Arab Emirates to reach a bilateral free trade agreement.

A free trade agreement with the Gulf will be very beneficial, he stressed. Long discussions to that end have been held, but the world has become more complicated and unpredictable, he said.

Asked about when Saudi citizens will be relieved of the Schengen visa requirement, McAllister replied that he understands that this is important to them, adding however, that the issue is complicated and hinges on the adoption of a new European strategy and the approval of all members.



China Shipping Giant Cosco Resumes Bookings to Some Gulf Countries

A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)
A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)
TT

China Shipping Giant Cosco Resumes Bookings to Some Gulf Countries

A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)
A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)

Chinese shipping giant Cosco said on Wednesday that it was resuming new bookings for container shipments to some Gulf countries, after a three-week suspension in response to the Middle East war.

The state-owned, Shanghai-based firm was among several major shipping groups to pause operations in the Strait of Hormuz, a key waterway through which one-fifth of the world's oil and gas passes normally.

Tehran has said several times it was not targeting friendly nations, but transits through the Strait had nevertheless largely ground to a halt.

Iran said in a statement circulated by the International Maritime Organization on Tuesday that "non-hostile vessels" would be granted safe passage through the waterway.

Cosco "resumed new bookings for general cargo containers for shipments" from the "Far East" to the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq "with immediate effect", according to a company statement.

It did not mention shipments travelling in the opposite direction, from the Gulf.

"New booking arrangements and the actual carriage are subject to change due to the volatile situation in the Middle East region," it added.

Cosco, which operates one of the world's largest oil tanker fleets, announced on March 4 that it would suspend new bookings for services for routes through the Strait of Hormuz owing to the "escalating conflicts in the Middle East region and resultant restrictions on maritime traffic".


Qatar Emir Makes Minor Changes to QIA Board

People visit a mall in Doha on March 23, 2026. (Photo by AFP)
People visit a mall in Doha on March 23, 2026. (Photo by AFP)
TT

Qatar Emir Makes Minor Changes to QIA Board

People visit a mall in Doha on March 23, 2026. (Photo by AFP)
People visit a mall in Doha on March 23, 2026. (Photo by AFP)

Qatar's Emir Sheikh Tamim bin Hamad Al Thani issued a decree on Wednesday ⁠making minor changes to ⁠the board of the ⁠Qatar Investment Authority, while keeping Sheikh Bandar bin Mohammed bin Saud Al Thani as chairman and Sheikh ⁠Mohammed ⁠bin Hamad bin Khalifa Al Thani as deputy chairman.

The decision stipulated that QIA’s Board of Directors would be restructured as follows: Sheikh Bandar bin Mohammed bin Saud Al Thani as Chairman, Sheikh Mohammed bin Hamad bin Khalifa Al Thani as Deputy Chairman, Ali bin Ahmed Al Kuwari as a member, Saad bin Sherida Al Kaabi as a member, Sheikh Faisal bin Thani bin Faisal Al-Thani as a member, Nasser bin Ghanim Al Khelaifi as a member, and Hassan bin Abdullah Al Thawadi as a member.

The decision is effective starting from its date of issue and is to be published in the official gazette.


Oil Falls More Than 5% and World Shares Gain Over Possible de-escalation of Iran War

A man fills his car with petrol at the petrol station in Port Dickson, Negri Sembilan, Malaysia, 25 March 2026. EPA/FAZRY ISMAIL
A man fills his car with petrol at the petrol station in Port Dickson, Negri Sembilan, Malaysia, 25 March 2026. EPA/FAZRY ISMAIL
TT

Oil Falls More Than 5% and World Shares Gain Over Possible de-escalation of Iran War

A man fills his car with petrol at the petrol station in Port Dickson, Negri Sembilan, Malaysia, 25 March 2026. EPA/FAZRY ISMAIL
A man fills his car with petrol at the petrol station in Port Dickson, Negri Sembilan, Malaysia, 25 March 2026. EPA/FAZRY ISMAIL

Oil prices fell more than 5% and world shares gained on Wednesday over the possibility of a de-escalation of the Iran war and negotiations between the United States and Iran. US futures were up 0.9%.

In early European trading, Britain's FTSE 100 rose 1% to 10,072.60. France's CAC 40 was up 1.4% to 7,855.31, while Germany's DAX was 1.6% higher at 22,989.80.

Tokyo’s Nikkei 225 was up 2.9% to 53,749.62. South Korea’s Kospi gained 1.6% to 5,642.21.

Hong Kong’s Hang Seng rose 1.1% to 25,335.95, while the Shanghai Composite index was 1.3% higher at 3,931.84. Labubu doll maker Pop Mart's Hong Kong-listed shares fell 22.5%, after it announced annual revenue for last year that was largely in line with analysts’ estimates.

Australia’s S&P/ASX 200 climbed 1.9%. Taiwan’s Taiex was up 2.5%.

US President Donald Trump's claims of progress being made from talks with Iran this week and his postponement on Monday of a deadline to “obliterate” Iran’s power plants over the reopening of the Strait of Hormuz have also fueled optimism that an end to the Iran war could come soon.

Trump's administration has offered a 15-point ceasefire plan to Iran, but an Iranian military spokesperson mocked the US’ attempt at a ceasefire deal Wednesday.

With the Strait of Hormuz being a key waterway for crude oil and liquefied natural gas transport, oil and gas prices have spiked and fluctuated in recent days.

Oil prices fell again on growing hopes for a de-escalation. Brent crude, the international standard, fell 5.2% to $94.97 per barrel. It was around $104 on Tuesday.

Benchmark US crude was down 5.3% early Wednesday to $87.44 a barrel.

While Iran has denied negotiations were taking place, and attacks in the Middle East continued, Pakistan has offered to host talks between Washington and Tehran. And as Trump raised optimism of a de-escalation of the war, at least 1,000 more American troops from the 82nd Airborne Division are said to be deployed to the Middle East in the coming days.

On Tuesday, US stocks closed lower. The S&P 500 lost 0.4% to 6,556.37. The Dow Jones Industrial Average edged down 0.2% to 46,124.06, while the Nasdaq composite was 0.8% lower to 21,761.89.

Shares of Estee Lauder sank more than 9%, following confirmation that the US-listed company is in merger talks with Spanish beauty and perfume group Puig.

In other dealings early Wednesday, gold prices resumed its rise after falling earlier. It dropped in part because of rising US Treasury yields over dimming expectations of a Federal Reserve rate cut after the spike in oil prices threatened to fuel global inflation.

The price of gold was up 3.6% early Wednesday to $4,561.90 per ounce. It was above $5,000 earlier this month.

The US dollar was at 158.84 Japanese yen, up from 158.69. The euro was trading at 1.1602, down from $1.1608.