Dubai: Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi stated that Gulf-European economic relations are shifting from traditional trade exchange toward building integrated, long-term joint value chains.
According to Saudi Press Agency, this statement was made during a panel discussion titled "Where Will Trade and Capital Flow Next?", held today alongside European Union (EU) Special Representative for the Gulf Region Luigi Di Maio on the sidelines of the World Governments Summit (WGS) 2026.
Albudaiwi stressed that the partnership between the GCC and the EU is deeply rooted, based on a long history of institutional cooperation initiated by the 1988 Cooperation Agreement.
"This agreement established a solid framework for political and economic dialogue, opening broad horizons for collaboration in trade, investment, energy, development, and education," he indicated.
He added that this partnership has witnessed a qualitative leap in recent years, particularly with the adoption of the Joint Action Programme (2022-2027) and the convening of the GCC-EU Summit in Brussels.
"These milestones, followed by ministerial meetings, focused on implementing key outcomes, enhancing trade and investment cooperation, improving market access, and supporting sustainable development and supply chains," he underscored.
He highlighted that the volume of commodity trade between the two regions has reached approximately $197 billion, cementing the EU's position as one of the GCC's most vital trading partners.
Furthermore, the growth of European Foreign Direct Investment (FDI) in GCC countries reflects deep economic interdependence and growing confidence in the Gulf's business environment.
He asserted that the success of the GCC-EU partnership is measured not only by trade volumes and investment flows, but also by its ability to evolve into an integrated model of cooperation based on trust, shared risk, and a collective economic future that contributes to global stability and growth.