GCC and Ukraine Sign Political, Economic, Security MoU

President Petro Poroshenko of the Republic of Ukraine and GCC Secretary-General Abdullatif bin Rashid al-Zayani (SPA)
President Petro Poroshenko of the Republic of Ukraine and GCC Secretary-General Abdullatif bin Rashid al-Zayani (SPA)
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GCC and Ukraine Sign Political, Economic, Security MoU

President Petro Poroshenko of the Republic of Ukraine and GCC Secretary-General Abdullatif bin Rashid al-Zayani (SPA)
President Petro Poroshenko of the Republic of Ukraine and GCC Secretary-General Abdullatif bin Rashid al-Zayani (SPA)

Gulf Cooperation Council (GCC) and Ukraine signed a memorandum of understanding (MoU) in the fields of politics, economy, security, culture, as well as education and tourism in the presence of Ukrainian President Petro Poroshenko, the General Secretariat of GCC and the Ukrainian Ministry of Foreign Affairs.

The MoU was co-signed by GCC Secretary-General Abdullatif al-Zayani and Ukrainian Minister of Foreign Affairs Pavlo Klimkin.

The MoU aims to hold consultations between the two sides in order to explore fields of cooperation and dialogue.

Assistant Secretary General of GCC for Political Affairs and Negotiations Abdulaziz al-Owaisheq reiterated that the memorandum deals with political negotiation and countering terrorism and its funding. He stated that the MoU has three main fields; security and political cooperation, economic cooperation, and exchange between Gulf and Ukrainian people through tourism, education and culture.

Speaking to Asharq Al-Awsat, Owaisheq stated that the MoU will be the beginning of a series of negotiations dealing with politics, security, and countering terrorism, then it will deal with trade, investment, energy, education, health and tourism.

The Assistant Secretary-General stated that terrorism is an important issue for both the Gulf and Ukraine and there are three fields of cooperation between the two: security cooperation between security forces: Gulf police in UAE, security forces of GCC and their counterparts in Ukraine. Second, GCC and Ukraine want to counter terrorism funding through a committee of the GCC, according to Owaisheq. He also stated that GCC wants to fight terrorist rhetoric and ideologies and that GCC has specialized centers in Saudi Arabia and UAE which will cooperate with their peers in Ukraine for that purpose.

Owaisheq also explained that the MoU stipulates that both sides should hold meetings and negotiations to further explore means of cooperation and dialogue and suggest a suitable mechanism to achieve that. In addition, GCC and Ukraine agreed to hold an annual meeting, or whenever needed on the sidelines of UN’s General Assembly, and to task a group of experts with discussing any issues both parties agree on.



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.