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The European Union convened its first summit with the GCC yesterday, Reuters reports. On the agenda: trade and investment, renewable energy, regional security, and visa policies. Representatives of all six GCC member states attended.
The big outcomes:
- An EU-GCC trade agreement is back on the front burner. Talks launched nearly four decades ago, but were suspended in 2008. The agreement will include a chapter on investment.
- The two blocs will next meet in Saudi Arabia in 2026 and aim to hold summits every two years;
- Deepening trade and investment in clean tech and green energy will be a priority.
FAST FACT- The EU is the GCC’s second-largest trade partner, generating EUR 170 bn in trade last year.
GO DEEPER- You can check out the summit website here and the final communique here (pdf).
