The six-member Gulf Cooperation Council (GCC) is expected to sign the long-awaited free-trade agreement (FTA) with the European Union within the next two months, according to Deputy Finance Minister Hamad Al-Bazie. “The FTA with the EU will be signed in October or November this year,” said Al-Bazie, who is GCC's coordinator for the agreement. He said the next round of negotiations in Brussels would be crucial to the conclusion of this vital accord. The GCC — Saudi Arabia, Qatar, Bahrain, Oman, Kuwait and the United Arab Emirates — has been holding FTA talks for the last 18 years. It has already fulfilled 95 percent of the conditions for the prestigious agreement. The last joint meeting of GCC and EU foreign and finance ministers was successful in settling most outstanding issues. GCC central bank governors are scheduled to meet with their EU counterparts next month to discuss monetary policies, according to a report published today by Arab News. --MORE
