AlQabas reports that the GCC has rejected recent European attempts to revive the trade talks. The key issue is the right of states to impose export duties. And the key focus is the petrochemical industry where the GCC have a cost advantage - not only in terms of low feedstock costs but also newer technology.
The GCC has rejected the latest European proposals stating that while both sides recognize the right to impose export duties, the GCC wants that right constrained by WTO regulations and agreements.
Free trade negotiations have been going on for some 20 years and were suspended late 2008 over this issue.
The GCC did sign a free trade agreement with the much smaller four member European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland) in 2009.
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