Regional—EU-GCC Dialogue on Economic Diversification II

The European Union (EU) and the Gulf Cooperation Council (GCC)—consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates—play a key role in global trade and investment. Trade between the countries represented by these bodies reached €174 billion in 2022. The GCC Customs Union has improved market access and strengthened economic ties, EU exports to the GCC remain strong, and imports from GCC countries have shown notable growth.

Building on this foundation, the EU-GCC Dialogue on Economic Diversification II project aims to enhance economic, trade, and investment cooperation between the EU and GCC regions. By focusing on innovation-driven industries, the project leverages the EU’s expertise to support the GCC’s diversification goals.

The initiative promotes partnerships between governments, businesses, and stakeholders to drive economic growth. It provides research-based recommendations to improve the business environment and address market challenges. Additionally, the EU Chamber of Commerce in Saudi Arabia will be strengthened and expanded to support other GCC countries.

Through workshops, training, and information-sharing activities, the project supports capacity building and simplifies trade and investment processes to foster collaboration between the EU and GCC.

Select Activities

• Develop and strengthen government-to-government, government-to-business, and business-to-business contacts, networks, and joint projects to enhance economic cooperation and investment between the EU and GCC.
• Assist in operating an EU Chamber of Commerce in Saudi Arabia, with potential support for similar initiatives in other GCC countries.
• Provide research-based recommendations and policy analysis to improve the business environment and remove obstacles to market access.
• Promote initiatives to reduce barriers to trade and investment growth between the EU and GCC.
• Familiarize stakeholders with relevant EU and GCC policies, programs, and synergies in high-priority areas to foster collaboration.