Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi has met with EU Commissioner for Trade and Economic Security and Interinstitutional Relations and Transparency Maroš Šefčovič on the sidelines of the 9th GCC-EU Economic Forum in Kuwait.
Several economic and commercial issues were discussed on Wednesday, along with ways to enhance GCC-European relations in areas of common interest.
Both sides also affirmed that they seek to strengthen relations and build partnerships.
At the forum, Albudaiwi affirmed that GCC-European relations constitute a firm model of strategic partnership, dating back to the 1988 signing of the cooperation agreement between the two sides.
He noted that this partnership has advanced significantly in trade, investment, energy, education, and the environment, and that the Joint Work Program (2022-2027) has established a new phase of cooperation across the political, economic, security, and development fields.
"The GCC-EU Summit held in Brussels in 2024 confirmed the commitment of both sides to bolstering trade and investment cooperation and moving towards a free trade agreement between the GCC and the EU. The joint ministerial meetings following the summit resulted in practical steps to strengthen the partnership in sustainable development, intellectual property rights, and diversifying supply chains," he said.
Albudaiwi also reviewed several economic indicators for the GCC states, including the GCC's gross domestic product (GDP), which reached $2.3 trillion in 2024, ranking ninth globally. Meanwhile, the assets of Gulf sovereign wealth funds exceeded $4.8 trillion.
He indicated that the GCC states continue to solidify their position as a global economic power in oil and natural gas production, as well as in diversifying income sources and promoting sustainable growth.
"The volume of trade exchange between the GCC and the EU reached $197 billion in 2024, making the EU one of the most important trading partners for the GCC states. European foreign direct investment (FDI) stock in the GCC states reached $285 billion, reflecting the deep confidence in the Gulf business environment,” he stated.
Albudaiwi called for continuing to build on the existing momentum between the two sides by enhancing cooperation in clean energy, green hydrogen, digital transformation, cybersecurity, and innovation. He underscored that the GCC-European partnership can contribute to achieving shared prosperity and a brighter future for both regions.
