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GCC emerges India’s largest trading bloc

Bilateral trade between India and the GCC grew from $87.35 billion in fiscal year 2020-21 to $154.66 billion in 2021-22, registering an increase of 77.06 per cent…reports Asian Lite News

The Gulf Cooperation Council (GCC) has emerged as India’s largest trading partner bloc in the financial year 2021-22 with bilateral trade valued at over US$154 billion, according to India’s Ministry of Commerce and Industry.

India’s exports to GCC countries were valued at approximately US$44 billion and imports at around US$110 billion during the year. At the same time, bilateral trade in services between India and the GCC countries was valued at around US$14 billion. India’s exports in this category, amounted to US$5.5 billion, and imports were worth US$8.3 billion, the Ministry said.

GCC countries accounted for almost 35 percent of India’s oil imports during fiscal year 2021-22 and made up 70 percent of its gas imports. India’s overall crude oil imports from GCC countries during this period were worth about US$48 billion, while liquefied natural gas and liquefied petroleum gas imports in fiscal year 2021-22 amounted to US$21 billion.

Cumulative investments from the GCC in India are currently valued at over US$18 billion, according to the Ministry.

With such a high level of content to the economic relations between the GCC and India, Piyush Goyal, India’s Minister of Commerce and Industry, and Dr. Nayef Falah M. Al-Hajraf, Secretary-General of the GCC, have decided to pursue negotiations on a Free Trade Agreement (FTA) between India and the GCC countries, the Indian government’s Press Information Bureau said.

“Both sides agreed to expedite conclusion of the requisite legal and technical requirements for formal FTA negotiations. The FTA is envisaged to be a modern, comprehensive agreement with substantial coverage of goods and services,” Bureau said.

Both sides emphasised that the FTA will create new jobs, raise living standards, and provide wider social and economic opportunities in India and all the GCC countries.

“Both sides also agreed to significantly expand and diversify the trade basket in line with the enormous potential that exists on account of the complementary business and economic ecosystems of India and the GCC,” it added.

Raisen, Dec 01 (ANI): The Great Stupa at Sanchi among the 100 ASI sites lit up with the G20 logo as India assumes the presidency, in Raisen on Thursday. (ANI Photo)

Gulf participation in India’s G20

The UAE participated in the first Framework Working Group (FWG) meeting within the G20 Finance Track, which was held on 16-17 December 2022.

Held for the first time under India’s G20 presidency in Bengaluru, the meeting sought to discuss the work plan for FWG in 2023, which is focused on key global economic issues and the impacts of high food and energy prices and climate change. This is in addition to the group’s objectives related to promoting global economic growth.

The UAE delegation, headed by Ministry of Finance (MoF), emphasised the importance of diversifying the sources of food production globally to enhance the sector’s flexibility on a global scale. The team suggested coordinating the group’s work with international organisations to study financing and operational needs to help developing countries enhance their agricultural production and identify their investment needs in this vital sector – particularly in the technical area to increase production efficiency.

The MoF team also pointed out the need to pursue international coordination through the group to enhance global financial stability, especially during the recovery phase, to mitigate the financial repercussions of the COVID-19 pandemic.

MoF representatives praised the group’s approach for studying the economic effects of climate change, and called on FWG members to coordinate with the UAE in this field in preparation for hosting COP28 next year.

Migrant training

 The scheme to “enhance soft skills” of prospective Indian migrant workers to the Gulf in terms of the culture, language and traditions of their destination countries has trained 121,596 overseas job-seekers, the Minister of State for External Affairs, V Muraleedharan, has said.

He told Rajya Sabha, the Upper House of India’s Parliament, in answer to questions from members that “the initiative of Pre-Departure Orientation and Training (PDOT) Scheme has been successful. The Government of India started the PDOT program in 2018.”

Although the PDOT Scheme is accessible to any Indian going to any part of the world for employment, most of those trained are migrants to the GCC countries. This is because the Gulf region attracts the largest number of Indians taking up employment abroad.

The scheme “enhances the intending migrants’ understanding of local rules and regulations in the destination country and sensitizes migrant workers about pathways to safe and legal migration,” Muraleedharan told Member of Parliament K R Suresh Reddy in writing.

Such training in soft skills enables Indians in the Gulf to be model residents in the countries where they live. PDOT training also makes Indian expatriates “aware of various government programmes for their welfare and protection,” the Minister added.

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India-GCC bilateral trade grows 77.06% in FY 2021-22

Union Commerce Minister Piyush Goyal said India and GCC had agreed to pursue the Free Trade Agreement, saying that they wanted to conclude it at the earliest…reports Asian Lite News

India and the GCC (Gulf Cooperation Council) registered a 77.06% growth bilateral trade in FY 2021-22 compared to the FY 2020-21.

In a written reply to a question in Parliament on Wednesday, Minister of State for Commerce and Industry Anupriya Patel stated that bilateral trade between India and the GCC increased from US$ 87.35 billion in fiscal year 2020-21 to US$ 154.66 billion in fiscal year 2021-22.

The reply also said that during the current FY 2022-23, for the period April-October 2022, bilateral trade between India and the GCC stood at US$ 111.71 billion, up from US$ 79.49 billion during the same period in FY 2021-22.

This is an increase of 40.53% on a year-on-year basis. During the period FY 2017-18 to FY 2021-22, bilateral trade between India and the GCC has grown by 10.57% on a compounded annual growth rate basis.

Since 2015, there has been a noticeable improvement in India’s ties with the Gulf Cooperation Council (GCC) nations, particularly Saudi Arabia and the United Arab Emirates (UAE), in the areas of commerce, investments, counterterrorism, and security cooperation.

India’s foreign policy calculations have given the GCC nations more weight as a result of regional and global developments such as the advent of the Islamic State (ISIS), China’s expanding regional influence, and the escalating nuclear program in Iran.

Meanwhile, Union Commerce Minister Piyush Goyal said India and GCC had agreed to pursue the Free Trade Agreement, saying that they wanted to conclude it at the earliest.

“GCC is already India’s largest trading partner. GCC countries contribute almost 35 per cent of India’s oil imports and 70 per cent of our gas imports.”

Bilateral trade in services between India and GCC stood at around USD 14 billion. India and the GCC have complimentary business and economic ecosystems. While India played an important role in food security and contribute to the healthcare of GCC, the GCC is a reliable partner in India’s energy security.

Goyal said the FTA between India and GCC countries will be a comprehensive economic partnership. “What exactly can be expected needs to be discussed bilaterally. For example, UAE is looking to invest around USD 100 billion in India, Crown prince of Saudi Arabia was here in India. He indicated that he is also looking for an investment at a very large level in India. I am quite confident that the 2 sides will set new benchmarks together,” he added. (India News Network/ANI)

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India, GCC agree to pursue Free Trade Agreement

In the presser, Goyal said the GCC is India’s largest trade partner. The bilateral merchandise trade in the year 2021-2022 is valued at USD 154 billion…reports Asian Lite News

India and Gulf Cooperation Council have agreed to pursue the Free Trade Agreement, saying that they wanted to conclude it at the earliest, Union Commerce Minister Piyush Goyal said. Addressing a joint press conference, the Union minister said, “We’ve agreed to pursue the Free Trade Agreement between India and Gulf Cooperation Council (GCC) and conclude it at the earliest. GCC is already India’s largest trading partner. GCC countries contribute almost 35 per cent of India’s oil imports and 70 per cent of our gas imports.”

This joint press conference took place to mark the launch of the resumption of India-Gulf Cooperation Council (GCC) Free Trade Agreement (FTA) Negotiations.

In the presser, Goyal said the GCC is India’s largest trade partner. The bilateral merchandise trade in the year 2021-2022 is valued at USD 154 billion.

Bilateral trade in services between India and GCC stood at around USD 14 billion. India and the GCC have complimentary business and economic ecosystems. While India played an important role in food security and contribute to the healthcare of GCC, the GCC is a reliable partner in India’s energy security.

Goyal said the FTA between India and GCC countries will be a comprehensive economic partnership. “What exactly can be expected needs to be discussed bilaterally. For example, UAE is looking to invest around USD 100 billion in India, Crown prince of Saudi Arabia was here in India. He indicated that he is also looking for an investment at a very large level in India. I am quite confident that the 2 sides will set new benchmarks together,” he added.

Nayef Falah M Al-Hajraf, secretary general of GCC said, “We are keen to pursue FTA negotiations. The world has been hit hard by the pandemic and the economic outlook looks uncertain. It is time to capitalise on the already existing strong relationship between the GCC and India.”

“We’ve instructed our respective negotiation teams to finalise all documents for the FTA. The FTA is a means to capitalise on what’s already existing between India and GCC,” he added.

Hajraf said, “The FTA will cater to our economy after Covid-19. Businesses have entered into a new challenging era and FTA will boost trade and investment, food and energy security and also help us address climate change and other concerns. The relations between GCC countries and India are deep-rooted.”

The GCC is a union of six countries in the Gulf region — Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain.

The earlier two rounds of FTA negotiations between India and the GCC was held in 2006 and 2008.

The third round did not happen as GCC deferred its negotiations with all countries and economic groups. (ANI)

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EU hails energy, security ties with GCC

European Union’s foreign policy chief Josep Borrell said that the energy and security cooperation between GCC and the EU is “more crucial now than ever”, reports Asian Lite Newsdesk

The cooperation between the European Union (E.U.) and the Arabian Gulf countries in energy and security domains is very crucial as supplies from the Gulf have changed the Europe’s energy landscape, the E.U. foreign policy chief said, adding that “your [Gulf’s] security is our security.”

Josep Borrell, the E.U. High Representative for Foreign Affairs and Security Policy, pointed out that before the Ukrainian crisis, the E.U. was importing 40 percent of its energy supplies from Russia, which was reduced to eight percent later. While looking for other suppliers, the Gulf, especially the UAE, offered the energy supplies, which has been very helpful, said the top diplomat who was on an official visit to the UAE.

In an interview with state news agency WAM in Abu Dhabi, Borrell emphasised that an important part of energy supplies to the E.U. has come from this part of the world, including the UAE. “This has changed the energy landscape of Europe.”

“Energy partnership makes more sense than ever”

Since the current energy supply scenario may continue for years, he noted, “We need to reduce our consumption of gas. We need other suppliers, and we need to continue fighting against climate change at the moment.”

He added that Europe is in a critical moment from an energy point of view.

As COP 27, the UN conference on climate change, is taking place in Egypt and the UAE is hosting the COP 28 next year, “I think our energy partnership makes more sense than ever. You are supplier, we are consumer, but hydrocarbon will not be the energy forever. We need to look for new sources. You have sun. You are investing a lot on new renewables. It is also an important partnership,” the top EU diplomat explained.

The Ukrainian crisis has been a big push for the E.U. to understand the requirement of more renewables, especially the need to develop hydrogen, Borrell revealed.

“We need to look for partners to develop hydrogen, because here you have surface and sun to produce green electricity and green hydrogen,” he pointed out, adding that the current energy crisis has accelerated the green transition in the E.U.

Gulf’s security is E.U. security

The E.U. has a new strategy for more engagement and better partnership with the Gulf countries, the foreign policy chief said.

“They [GCC] have always been very important for us. Not only because they are supplying energy, but the Gulf is becoming a strategic part of the world in the middle of the way between Europe, and South and East Asia.”

As the region is facing a lot of security challenges, “your security is also our security. We want to be a better partner. We have to engage more in order to face the big challenges,” Borrell said referring to the issues such as climate change, migration, security and the new energy landscape that brings both parties closer.

The war in Yemen, instability in Iraq and Syria, and negotiations on Iran nuclear deal are important developments in the wider Middle East, the foreign policy chief explained.

“The whole region is a mosaic of security issues. We want to work together with you to solve some of these problems. The peace between Israel and Palestine needs a strong engagement with the Arab world and the Europeans together,” said Borrell, a Spanish politician who took charge as the E.U. foreign policy chief in 2019.

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India, GCC to start trade pact talks

According to experts, the GCC region holds huge trade potential, and a trade agreement would help in further boosting India’s exports to that market…reports Asian Lite News

India and the Gulf Cooperation Council (GCC) member countries are expected to start negotiations for a free trade agreement next month with an aim to boost economic ties between the two regions, an official said.

The GCC is a union of six countries in the Gulf region — Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain.

“Terms of reference for the agreement are being finalised and we expect to launch the negotiations next month,” the official said.

India has already implemented a free trade pact with the UAE in May this year.

According to experts, the GCC region holds huge trade potential, and a trade agreement would help in further boosting India’s exports to that market.

Rakesh Mohan Joshi, director, Indian Institute of Plantation Management, Bangalore, said the GCC market is unexploited by domestic exporters, and it holds huge potential.

“GCC is a major import dependent region. We can increase our exports of food items, clothing and several other goods. Duty concessions under a trade agreement will help in tapping that market. It will be a win-win situation for both sides,” Joshi said.

Mumbai-based exporter and founder chairman of Technocraft Industries India Sharad Kumar Saraf said the GCC has emerged as a major trading partner for India and there is huge potential for increasing investments between the two regions.

“FTA will have a major benefit for both the sides,” Saraf said.

Sharing similar views, Federation of Indian Exports Organisation (FIEO) vice-chairman Khalid Khan said sectors such as chemicals, textiles, gems and jewellery and leather will get a major impetus by this agreement.

India imports predominately crude oil and natural gas from the Gulf nations like Saudi Arabia and Qatar.

Spike in trade

Bilateral Trade between India and the Gulf Cooperation Council (GCC) grew from US$ 87.35 billion in FY 2020-21 to US$ 154.66 billion in FY 2021-22, registering an increase of 77.06% on a year-on-year basis. Since FY 2017-18, on a compounded annual growth rate basis, bilateral trade between India and the GCC has grown by 10.57%.

Giving details in the Lok Sabha of India’s exports to the GCC during the last five financial years, the Minister of State in the Ministry of Commerce and Industry Anupriya Patel had stated a few weeks ago that since FY 2017-18, on a compounded annual growth rate basis, bilateral trade between India and the GCC has grown by 10.57%.

India seeks greater investment from Saudi Arabia

Saudi Investments in India, as of March 2021, amounted to US$3.13 billion. Major Saudi investment groups include ARAMCO, SABIC, ZAMIL, E-holidays, and Al Batterjee Group. Additionally, Soft Bank’s ‘Vision Fund’ has invested in Indian startups such as Delhivery, FirstCry, Grofers, Ola, OYO, Paytm and PolicyBazaar.

Other proposed major investments include the US$44 billion ‘West Coast Refinery and Petrochemicals Project’ in Maharashtra, which is being jointly built by Saudi Aramco, Abu Dhabi National Oil Company, and an Indian consortium, which includes Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation.

In the renewable energy sector, Saudi Company Al-Fanar has a controlling stake in 600MW Wind Power projects in India.

Riyadh has also thanked India for standing by Saudi Arabia during the pandemic including facilitating the travel of Indian healthcare professionals to Saudi Arabia.

While a large number of Indian workers particularly in the Gulf returned to India due to Covid-19, the economic recovery in that region and their increasing openness to travel from India have now seen a return by many of them.

Why GCC is significant for India

Historically, GCC and India have enjoyed cordial relations, with India as the immediate neighbor to the Gulf counties and a key player in ensuring peace and stability to the nation.

Indian diaspora in the Middle East accounts for around 7.6 million people, with UAE at 3,41,000 followed by Saudi Arabia with 25,94,957. Kuwait hosts 10,29,861 Indians, Oman 7,79,351, Qatar 7,56,062. As per the RBI report remittances that this diaspora sends are said to be around 30% of the total remittances received by India from abroad, however, earlier this figure used to be 50%. The primary reason for such a massive diaspora in these countries can be the shortage of local workforce and the development and job opportunities these countries constitute. The decline in the remittances can be because of the COVID-19 pandemic which forced the labor to come to India.

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Real Estate group becomes #1 workplace for women in GCC

Metropolitan Group management and staff

Angelica Noceja, Metropolitan’s HR Manager said: “We have been aggressively recruiting since the beginning of the year and actively look for female talent as diversity is of the utmost importance to our group…reports Asian Lite News

Metropolitan Group, a leading real estate group in the UAE, was recognized as the best place to work for women in the GCC according to the ‘Best Workplaces for Women™ 2022 ranking. The top 30 Best Workplaces for Women in GCC recognises organisations across the region that are working hard to close the gender gap while sustaining high-performing cultures for their employees.

The Great Place to Work® Middle East surveyed thousands of female employees from across the region to determine the 2022 Best Workplaces for Women™.  Metropolitan’s recognition is based on the Great Place to Work®️ audit and confidential survey data assessing female employee experiences of trust, innovation, company values and leadership.

Ibrahim Mougharbel, Managing Director for the UAE, Qatar, Kuwait and Oman, Great Place to Work®️ Middle East commented: “We’re very excited that Metropolitan Group ranked first in our Great Place to Work®️ Best Workplaces for Women™ list. Female employees have shared that they are treated fairly regardless of their position. This fair treatment indicates that Metropolitan Group exerts outstanding efforts in creating a work environment that empowers women. It is remarkable to see companies recognising the value women add to any workplace. Providing purposeful work is essential, which resulted in female employees stating that they are proud to be working at Metropolitan Group.”

Mike Fleet, Metropolitan’s Performance & Development Director said: “We are delighted with this achievement as it’s not only great recognition for our overall culture but it is a fantastic endorsement for the work we have done to ensure that our female employees, who represent 60% of the Metropolitan family, can thrive in a positive and rewarding place to work. Right from the beginning, the company’s leadership has focused on creating a high-performance culture and inclusive environment; and today with 40% of our directors and 80% of our middle management being female, we are delighted to see that many of the initiatives we rolled out have had a significant positive impact on women in the workplace.”

Angelica Noceja, Metropolitan’s HR Manager said: “We have been aggressively recruiting since the beginning of the year and actively look for female talent as diversity is of the utmost importance to our group. We have female influence on our board and across many senior-level positions with 35 nationalities represented across the company. We work hard to recognise talent and performance in the company; in fact this year from external hiring to internal promotions we have eight women at Director or Head of Department level.”  

In March this year, Metropolitan became the first-ever real estate brokerage to make the Top 50 Best Workplaces™ in the UAE List and later in August, the company made it into the top 5 (medium category) of the Best Workplaces™ in the GCC.

The Metropolitan Group in the UAE includes two full-service real estate agencies: Metropolitan Premium Properties (Dubai) and Metropolitan Capital Real Estate LLC (Abu Dhabi). The group also has Metropolitan Consulting FZE, a supporting company that provides personal and business legal services in the UAE.

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Iraq keen on developing ties with GCC nations

Iraqi Foreign Minister Fuad Hussein meets with GCC Secretary-General Nayef bin Falah Al-Hajraf on the sidelines of the 77th session of the UN General Assembly.

Iraqi FM made the remarks when meeting with GCC Secretary-General Nayef bin Falah Al-Hajraf on the sidelines of the 77th session of the UN General Assembly, reports Asian Lite News

Iraqi Foreign Minister Fuad Hussein said ohis government is interested in developing relations with the Gulf Cooperation Council (GCC) countries at all levels.

Hussein made the remarks when meeting with GCC Secretary-General Nayef bin Falah Al-Hajraf on the sidelines of the 77th session of the UN General Assembly, where “the two sides discussed ways to enhance cooperation”, the Foreign Ministry in Baghdad said in a statement.

The Minister said the Iraqi government is interested in developing relations with the GCC countries at all levels and called on foreign companies to invest in Iraqi infrastructure.

For his part, Al-Hajraf affirmed “GCC’s support for the security and stability of Iraq”, stressing the keenness of GCC countries to advance their relations with Iraq in the service of common interests, reports Xinhua news agency.

The two sides also discussed some regional and international issues of common concern, especially the impact of the Russian-Ukrainian war on food security and the need to work collectively to confront the possible repercussions of the crisis.

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GCC Club’s Crossroads Forum in Dubai

Partners of the 2022 edition of the Crossroads GCC Future Impact Forum include the Department of Health Abu Dhabi, Saudi Arabian smart solutions, and business services provider, THIQAH, and Asharq Business Bloomberg…reports Asian Lite News

For the first time, Harvard Business School Club of the Gulf Cooperation Council (HBS GCC) expands its Crossroads Impact Forum to welcome not only HBS alumni but also business leaders and change makers from across the GCC. Organised by the Harvard Business School Club of the Gulf Cooperation Council (HBS GCC), the exclusive event, to be held on September 14 and 15 at the Museum of the Future in Dubai will enable public and private partnerships to re-shape, re-imagine and re-engineer businesses and strategies for greater impact in the next 20 years.

As the GCC region continues to gain significance due to GEO politics and recent socio-political and economic developments, the Harvard Business School Club of the GCC recognizes this important time to convene with the growing network of senior level GCC government and business leaders and re-draw agendas to empower the GCC in global development.

Over the two Forum days, VIP keynotes, exclusive panel discussions, interactive fire side chats and lightning talks will discuss leadership in an era of metamorphosis for the GCC. Addressing governance, healthcare, national talent, food security, the digital economy and sustainability, Harvard alumni CEOs and entrepreneurs will drive knowledgeable debate to encourage existing leadership to re-think their business agendas and align together for maximum impact.

Mr. Saleh Lootah, President, of the Harvard Business School Club of the GCC and Chairman of Lootah Holding said: “The main challenges facing us globally and in the GCC are education, food security, health, and national development. We are also in a period of transformation in the GCC, where we are aggressively diversifying our economies, moving away from hydrocarbons and realigning towards more diverse and sustainable formats. This event looks to brings together government and private sector to share ideas and put actionable plans on the ground for the future”.

Speaking at the forum will be H.E. Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications; H.E. Mohammed Al-Jasser, Assistant Minister, Ministry of Human Resources and Social Development, KSA; H.E. Helal Saeed Almarri, Director General of Dubai Economy and Tourism, UAE, and Professor John D. Macomber, Senior Lecturer of Business Administration, Harvard Business School and more.

Partners of the 2022 edition of the Crossroads GCC Future Impact Forum include the Department of Health Abu Dhabi, Saudi Arabian smart solutions, and business services provider, THIQAH, and Asharq Business Bloomberg.

Highlighting healthcare in the GCC and the public-private partnerships being strongly driven in the sector by governments, Dr. Maliha Hashmi, a prominent health leader in Saudi Arabia, member of the Advisory Board for Arab Health, World Economic Forum Global Future Council expert and recent recipient of the Forbes 2022 Health Leadership Award said: “Opportunities must be identified for healthcare to deliver economical, science-based solutions through innovation. With the Kingdom of Saudi Arabia looking to become a major innovation driver in the region, it is impressively taking major steps to scale up partnerships with the private sector to develop solutions in this field. I am a firm believer that healthcare can catalyse this, as it has the power to transform people and markets above all other sectors and create the much-needed social positive impact globally.

“Policy implementation requires human expertise, the GCC Future Impact Forum will bring across this expertise from government and private sector designed with the right tools that can scale solutions across national and global healthcare networks”.

The digital economy will be a focus of discussions at the GCC Future Impact Forum as governments and business leaders across the GCC are positioning their organizations to be key players in this emerging economy.  

Global technology company in the payments industry, Mastercard, sees partnerships as key for the region. “As a trusted partner to governments, traditional financial institutions, and a host of emerging fintechs and new players, Mastercard believes in the power of public-private partnerships to create a thriving and sustainable digital economy. As the event’s official Payment Partner, we look forward to joining this gathering of GCC leaders and championing the people, businesses and innovations that are changing the way the world works,” said J.K. Khalil, Cluster General Manager, MENA East, Mastercard.

The aim to transform the region from digital adoption to digital disruption has great potential to be realised, according to Andreea Danila of Global Millennial Capital, the Middle East’s first venture capital investor to introduce the concept of artificial intelligence (AI) in the traditional investment process.

“We are in a future that is arriving faster than expected, trends such as blockchain, AI, cryptofinance and the metaverse have arrived and regional governments and businesses are developing robust frameworks, inclusive policies, and initiatives to accelerate the participation in the emerging digital economy.  Through the right approach between government and business, opportunities can be realised to create a wider culture of entrepreneurship that empowers young people to innovate and disrupt the global tech paradigm,” said Andreea Danila.

“As Registration Sponsor, Global Millennial Capital is joining the Forum to be at the heart of this regional conversation, as part of our mission to empower entrepreneurs, economies, and societies to eliminate investment bias and improve overall socio and economic outcomes,” she added.

The HBS GCC Crossroads Future Impact Forum 2022 aims to offer a knowledge repository dedicated to draw from the vast amount of ideas that will be collected, which will be developed into white papers and strategic initiatives.

The forum will be annually held, rotating between GCC capitals to emphasize the importance of addressing common challenges in every country. Furthermore, taskforces and committees will be set to follow up actionable outcomes which are reviewed annually.

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‘EU wants to enhance ties with Saudi Arabia, GCC countries’

The EU wants to enhance its relationship with Saudi Arabia in a number of fields, particularly in the field of energy and green transition, the spokesperson added…reports Asian Lite News

The European Union seeks to enhance relations with Saudi Arabia and other Gulf Cooperation Council countries, an EU spokesman said on Thursday.

Speaking at a news conference in Brussels, the EU lead spokesperson for foreign affairs and security policy Peter Stano said: “The European Union, Saudi Arabia, and all countries of the Gulf Cooperation Council share the interest to develop this relation, our cooperation.”

He added that the European bloc wants to enhance its partnership with GCC countries because “that is something mutually beneficial for us and for people in these countries.”

“So this is one of the objectives of the EU and we want to engage further both with the GCC and its member states including Saudi Arabia,” Stano said.

The EU wants to enhance its relationship with Saudi Arabia in a number of fields, particularly in the field of energy and green transition, the spokesperson added.

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GCC’s big push for strategic ties with UK

The officials also discussed the most recent regional and international developments, as well as topics of mutual interest…reports Asian Lite News

The Secretary General of the Gulf Cooperation Council has emphasized the importance of promoting economic growth and the strategic partnership between the bloc and the UK to serve common interests, Saudi Press Agency reported on Tuesday.

The statement was made by Nayef Falah Al-Hajraf during a meeting with British ambassador to Saudi Arabia Neil Crompton on Tuesday in Riyadh.

Several topics were discussed during the meeting including recent developments in the GCC-UK Free Trade Agreement negotiations, as well as the importance of promoting trade in goods, services, advanced technologies, and other fields for the benefit of both sides.

The officials also discussed the most recent regional and international developments, as well as topics of mutual interest.

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