ISDS Case Map
GCC
Trying to entrench its economic and political ties in the region, and blaming the Gulf Cooperation Council's slowness in devising region-wide economic measures, the United States is aggressively pursuing a number of free-trade agreements in this part of the Middle East.
With free trade agreements, come political leverage. Realising this, the United States is moving fast to sign bilateral FTAs with Gulf countries - in the hope that Washington would be able to fill a vacuum because of the slowness of these Arab states in starting any regional trading mechanisms of their own.
China is in discussions with the Gulf Cooperation Council to establish a free trade agreement (FTA) which is expected to take effect this year. The GCC member states hold 45 percent of the world's oil reserves and account for 20 percent of oil production, and an FTA would help China shore up its energy supplies.
The new customs union and proposed EU-GCC free trade agreement will both appreciably expand trade and improve economic welfare in the GCC countries, with little significant economic impact on the EU.
The stage is being developed for a fast-track free trade agreement (FTA) between the six-nation Gulf Cooperation Council and 25-member European Union. Possibly, the EU has felt the urge to sign an FTA with the GCC now that the US has moved to reach bilateral agreements with individual GCC states.
The GCC is on its way to securing a world first in terms of international economic and trade agrements. Talks with the European Union over the world's first region-to-region Free Trade Area agreement will be completed by the end of the year, it was declared yesterday.
Progress in the Free Trade Area (FTA) negotiations will top the agenda of the annual GCC-EU foreign ministers meeting being held today in Bahrain, which currently chairs the GCC.
The long-standing row over European duty on aluminium imports from the Gulf, a major irritant in EU-AGCC trade relations, is likely to be resolved this year with both sides gearing up for the final round of talks to seal a free trade agreement.
An agreement on the protection and promotion of investments between Bahrain and Germany is due to be signed "very soon". Germany is also pushing for a Free Trade Agreement (FTA) between the European Union and the GCC.
