The UAE is aiming to rekindle trade discussions with the European Union by the end of the year, according to the UAE's trade minister, who expressed optimism that these discussions would be bilateral. Talks between the EU and the Gulf Cooperation Council (GCC) are currently at a standstill. The UAE has discreetly encouraged the EU to commence negotiations on a trade agreement independent of the GCC discussions, as reported by Reuters in March.
"We started the dialogue, both through the GCC and on a bilateral basis, and we are receiving support from numerous EU member states," Thani bin Ahmed Al Zeyoudi told Reuters in an interview. He noted that either EU-GCC or bilateral EU-UAE talks would be beneficial, but he is particularly hopeful for the latter. The UAE has consistently pushed for increased EU engagement in the Gulf region.
The EU and the energy-rich GCC initiated trade talks in 1990, which, if successful, would enhance European companies' access to the EU's sixth-largest export market. However, these talks were officially halted in 2008. A comprehensive agreement with the GCC could potentially open EU member states to investments from Gulf sovereign wealth funds, significant cross-sector investors with a long-term perspective.
Al Zeyoudi also mentioned that the UAE anticipates finalizing a free trade zone agreement with the Eurasian Economic Union, including Russia and Belarus, by the end of the year. He does not believe this will hinder the UAE's pursuit of a stronger relationship with the EU. "We will always be open and eager to expand our relationship with anyone," he stated.
