Publicat pe 09/04/2014

Trade and investment flows between the European Union and the 6 countries of the GCC are impressive – nearly €150 billion of trade in 2012. However, this trade flow can be increased and must be diversified, according to president Weber from EUROCHAMBRES. “To achieve this, we need a stronger dialogue between EU and GCC business. We also need a modern framework, creating transparency and predictability for companies on both sides”, he added, during a high level conference.

A survey which was conducted among EU and GCC investors in the framework of EU-GCC Invest reveals, indeed, some barriers to the strengthening of that partnership: ownership requirements, legal enforcement of contracts, access to qualified labour, the visa regime were some of the impediments most quoted by entrepreneurs.

EUROCHAMBRES’ experience in working together with the GCC also showed something else: we need “more Europe” in the region. Creating more visibility for our business community and improving the understanding on how the EU is operating can help to build a closer and positive relationship. The recent change in the Generalised System of Preferences (GSP) illustrates that point.

The need for a stronger cooperation of the EU and GCC is felt, also, at the EU’s institutional level:

“I believe that we should reinforce our cooperation in the fields of mutual interests: industry, energy, research and education, science and technology, information and communications technology, investment and climate actions. An exchange of information and knowledge but also of culture will be of mutual benefit for our both regions. We have so much in common and still a lot we can learn from each other!”, stressed Angelika Niebler, Member of the European Parliament (MEP) and Chair of the EP Delegation for Relations with the Arab Peninsula.

The conference, organised today by EUROCHAMBRES and hosted at the European Parliament by a Member, the MEP Mário David, gathered a unique mix of entrepreneurs and policy makers, making suggestions to build that new EU-GCC framework, after the presentation of the EU-GCC Invest report.