Gulf Cooperation Council Trade Agreement

April 10, 2021

New Zealand and the GCC are a natural adjustment for trade. The agreement also provides tariff concessions for processed agricultural products. Commodities are covered by bilateral agricultural agreements, which are part of the free trade area instruments between the contracting parties. The chapter on trade in goods also contains provisions relating to trade assistance, such as anti-dumping measures and safeguards. For EFTA-CCG trade statistics, see EFTA`s trade statistics tool The eu-GCC economic and political cooperation framework is provided by the 1988 EU-GCC Cooperation Agreement, which aims to improve trade relations and stability in a strategic part of Europe`s neighbourhood. The agreement created a Joint Council and a Joint Cooperation Committee, which meet annually. In the area of intellectual property, the contracting parties essentially confirm the WTO TRIPS agreement. They agree to conclude negotiations on an annex on the type of intellectual property no later than two years after the agreement enters into force. In the meantime, a specific consultation mechanism is provided in the event of intellectual property issues affecting the terms of the exchanges between the parties.

Cooperation between the EU and the GCC is ongoing on trade and investment, macroeconomic issues, climate change, energy and the environment and research. In May 2017, the EU and the GCC launched a specific dialogue on trade and investment issues, including the participation of their respective private sectors. This dialogue provides a specific platform to address trade and investment issues and improve cooperation on issues of common interest, such as incentives for market access, regulatory requirements and opportunities to increase trade and investment flows. The six member states of the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) are a commercially important region and were the EU`s fourth largest export market in 2016. The GCC countries have formed their own customs union and are working towards an internal market. The parties recognize that anti-competitive business practices may restrict trade between them. As a result, each party undertakes to enact or maintain competition laws in order to avoid such practices. The parties also agree to cooperate on the application of competition law. A consultation mechanism will also be put in place. The two sides meet annually to discuss trade, including through the EU-GCC Joint Cooperation Committee in Riyadh or Brussels.

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