First Published 2004-03-09, Last Updated 2004-03-09 10:42:46


The free trade deal is likely to be concluded before the end of 2004

 
Belgium wants early EU free trade deal with GCC

 
Belgian trade minister says Brussels wants quick conclusion of negotiations of free trade deal between EU and GCC.

 
DUBAI - Belgium would like a swift conclusion of decade-long negotiations for a free trade agreement between the European Union and the six Gulf Cooperation Council (GCC) countries, a Belgian minister said Tuesday.

Economy, Energy and Foreign Trade Minister Fientje Moerman told a press conference: "We want the negotiations to end positively, as quickly as possible."

She added: "We will do all we can in the Council of Ministers" to wrap up the talks that have stumbled notably over EU tariffs on aluminum and petrochemicals.

GCC secretary general Abdulrahman al-Attiya predicted last September that the deal would be concluded before the end of 2004.

Brussels has insisted that the bloc of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates must have its own customs union before it can sign a free trade agreement.

The GCC launched the start of a customs union in January 2003 and has announced a monetary union for 2005 and a single currency by 2010.

The European Union is the GCC's main market and its second top supplier after Japan. EU exports to the GCC were worth around 25 billion dollars in 2001, with imports amounting to 22 billion dollars, according to Brussels.

Moerman is accompanying a delegation of 140 businessmen led by Belgium's Prince Philippe who arrived in the United Arab Emirates (UAE) on March 5 and will leave neighbouring Oman on Thursday.

The visit was "very fruitful", she said after signing Monday on behalf of the Belgium-Luxembrug Economic Union a treaty to protect and promote investments.
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