MUSCAT: The upcoming Gulf Cooperation Council and European Union joint ministerial meeting in the Sultanate of Oman will aim to enhance cooperation and strengthen GCC-EU relations, according to GCC Secretary General Jasem al Budaiwi.
In an online statement, Al Budaiwi said the meeting will assess progress on the strategic relationship and the joint work program spanning the 2022-2027 timeframe, as well as address regional and international developments.
The meeting is taking place tomorrow, October 9, in Muscat, with the participation of over 30 official delegations.
The 27th session of the EU-GCC Joint Ministerial Council will be chaired by Omani Minister of Foreign Affairs, Sayyid Badr Hamad al Busaidi, and High Representative of the European Union for Foreign Affairs and Security Policy, Joseph Borrell.
During the meeting's 26th session in Brussels last year, both parties agreed on a Joint Cooperation programme to strengthen relations in a variety of areas, including trade and investment, energy, education, climate change, political dialogue, regional security, and cybersecurity.
According to data from the European Commission, the volume of trade between the GCC and the EU amounted to €97.1 billion in 2020, making the EU the GCC’s second biggest trade partner that year making up 12.3 per cent of the GCC’s total global trade.
Furthermore, the EU ranked as the GCC’s number one import partner, while the GCC ranked as the 4th biggest exporter to the EU in 2020.
In 2022, EU exports to the GCC amounted to around €67.5 billion, while GCC exports amounted to €29.6 billion.
Machine and transport equipment accounted for nearly 40 per cent of EU exports, valued at approximately €26.7 billion, followed by 15.4 per cent in chemicals, valued at approximately €10.4 billion, and 13 per cent in agriculture and raw materials, valued at approximately €8.9 billion.
More than half of GCC exports to the EU were petroleum and mining goods, totaling roughly €18.6 billion and accounting for 62 per cent of total exports, followed by chemicals, totaling approximately €3.4 billion and accounting for 11.5 per cent of total exports.
In 2018, the total outward stock of foreign direct investment from the EU to the GCC region was around €76.9 billion, according to the European Commission.
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