Is There A Need For A Free Trade Agreement Between The European Union And Gulf Cooperation Council?

Abstract

The need for a free trade agreement between the European Union (EU) and Gulf Cooperation Council (GCC) is analyzed in this research project. Trade flows between these two economic blocs are studied to understand the importance of trade for these respective blocs. Failure of the free trade agreement negotiation is attributed to the lack of economic focus and the EU demands to improve human rights in GCC member countries. Based on the secondary sources and data analyses, the primary interest of both economic blocs is to enhance geopolitical influence and not boasting bilateral trade. Despite recent failures, both sides are still committed to increased partnership in the future. It is concluded that an EU-GCC free trade area may be essential for increased cooperation in economic, as well as geopolitical, security, environmental, and cultural arenas.