Blocs working toward FTA • Official says EU committed to long-term investment partnership with GCC
KUWAIT: Gulf and European leaders gathered in Kuwait at the 9th EU-GCC Business Forum calling for deeper trade and investment partnerships to boost growth and achieve shared prosperity, amid growing global economic uncertainty.
EU Trade and Economic Security Commissioner Maros Sefcovic said the European Union is committed to building “a long-term trade and investment partnership” with the Gulf Cooperation Council (GCC) and is “doing its utmost” to advance this goal. Speaking to the Kuwait News Agency (KUNA) on Wednesday, Sefcovic said current global uncertainty “has a real impact on world markets,” stressing the need for “close cooperation between partners to overcome these challenges.”
He added that the EU and GCC are working toward a mutual free trade agreement as part of a shared objective “to enhance growth and achieve prosperity.” In a joint statement after the 29th GCC-EU Ministerial Meeting held in Kuwait, both sides agreed to accelerate talks on a potential regional free trade deal. The EU and GCC launched negotiations for a Free Trade Agreement (FTA) in 1990. The FTA was meant to provide for the progressive and reciprocal liberalization of trade in goods and services. However, negotiations were suspended in 2008 as they faced several challenges.
Sheikh Dr Meshal Jaber Al-Ahmad Al-Sabah
KUWAIT: Prime Minister, His Highness Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, speaks at the opening of the 9th EU-GCC Business Forum.
Maros Sefcovic
‘Ready to lead change’
Kuwait’s Prime Minister, His Highness Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah, who inaugurated the two-day event, highlighted the importance of cooperation between the two regions, noting that annual trade between the GCC and EU exceeds €150 billion. He said he hopes the forum will “draw the roadmap for shared prosperity in the coming phase.” The Prime Minister reaffirmed Kuwait’s readiness “to lead change and adapt to it,” guided by its Vision 2035 development plan, and underlined the country’s “firm commitment to security, peace, and international cooperation.”
He pointed to Kuwait’s record of hosting regional and international events, including the 2019 EU-GCC Forum and last month’s joint EU-GCC Foreign Ministers Meeting, which he said reflected a “strategic partnership” tackling energy security, sustainability, and geopolitical stability.
This high-level joint event included senior policymakers, business leaders, investors and entrepreneurs from both the EU and GCC to foster dialogue and build partnerships that support economic diversification and sustainable growth.
Sheikh Dr Meshaal Jaber Al-Ahmad Al-Sabah, Director General of the Kuwait Direct Investment Promotion Authority, said the forum “reflects the depth of distinguished relations between the European and Gulf groups and demonstrates strong bilateral and regional frameworks moving toward a strategic partnership based on mutual trust and shared interests.”
He said the partnership spans more than four decades and extends beyond trade and investment to include cooperation in technology, innovation, and climate action. Kuwait, he added, is keen to expand joint investments with EU countries in renewable energy, advanced technology, and logistics.
Sefcovic commended Kuwait’s Vision 2035 strategy as “an ambitious plan to transform Kuwait into a regional distribution and logistics hub.” He said the EU is “ready to cooperate and invest” across GCC states in projects of shared interest, adding that successful past ventures — such as the Riyadh Metro and Abu Dhabi National Museum — have paved the way for “future joint initiatives.”
During his visit, Sefcovic met with Kuwaiti officials, including Minister of Electricity, Water and Renewable Energy and Acting Minister of Finance and Economic Affairs Dr Sabeeh Al-Mukhaizeem, and Minister of Commerce and Industry Khalifa Al-Ajeel, to discuss economic and trade cooperation. The Finance Ministry said the meeting covered ways to strengthen strategic ties and explore new agreements to expand trade and investment opportunities. — Agencies
