GCC, Europe to revive free trade deal talks: envoy

RIYADH: The European Union has tentatively reopened talks with the Gulf Cooperation Council regarding a free trade deal, Arab News quoted EU Ambassador Patrick Simonet, as saying.

Simonet said that the potential agreement between the two parties was discussed during the high-level dialogue on the sidelines of the 76th session of the UN General Assembly on September 14 in New York.

The agreement will also be part of the discussions during the upcoming visit of the European Union representative to the Gulf region in the coming days.

The UN meeting recommended the importance of advancing and completing the free trade agreement negotiations, due to its importance for both parties.

The EU countries have direct investments in Saudi Arabia worth $24.88 billion, led by the five largest countries, The Netherlands, Italy, France, Germany and Spain, Simonet said.

Investments in the GCC countries are focused on oil and gas, healthcare, life sciences, food and beverages, construction and infrastructure, he added.