GCC signs free trade accord with EFTA 2 Riyadh

The FTA was signed on the sidelines of the EFTA ministerial meeting.
Sheikh Ghazi Bin Said Al-Bahar Al-Rawas was present on behalf of
Oman, which holds the presidency of the GCC Ministerial Council. This
accord has added significance as GCC states decided to go ahead and
sign a free trade deal with EFTA countries which are not EU members
as GCC-EU free trade talks broke down recently.

Before his departure for Norway, Al-Atiyyah said, “The FTA with the
four European countries will be another important milestone in our
relations with EFTA.” He maintained that GCC-EU free trade talks had
come to a halt but discussions were going on at a certain level. The
agreement calls for more intensified trade contacts between EFTA
countries and the GCC, whose economy is set to grow steadily between
now and 2020 at a faster rate than the global average, according to a
report.

The Gulf states will achieve an average annual growth of 4.5 percent
compared with an aggregate global rate that will be lower. “Moreover,
GCC oil and gas production capacity is rising, and could rise much
further by 2020,” said the report.

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