The GCC and the European Union should resume negotiations on a long-awaited free trade deal, Lenita Toivakka, the Finnish minister for trade, told The National on Sunday.
Trade talks between the EU and the GCC were halted in 2008 with a number of key issues left unresolved, including agreement on customs duties. The GCC argues that it should be given a free hand to set export duties on products leaving the Gulf as it sees fit – a position that has been rejected by EU officials.
“We would like to start [negotiations] again. That would be a good thing and would benefit all of us,” Ms Toivakka said. “In Finland, we are strong supporters of free trade.
“[Free trade] is very important for countries like Finland and the UAE because we are dependent on foreign trade.”
Saudi Arabia imposes export duties on petrochemical products, which analysts say can be used to influence the oil price. This proved a particular sticking point in negotiations, officials said at the time.
The GCC is the EU’s fifth-largest export market, while Europe is the biggest market for GCC exports, according to EU estimates.
This year, the Gulf Petrochemicals and Chemicals Association wrote to European and GCC trade negotiations, encouraging them to restart talks. Peter Mandelson, a former EU trade commissioner, said in February that he would be willing to "take a role in completing the trade agreement", according to Gulf Business.
Slush
The Finnish trade minister Lenita Toivakka called on UAE innovators and entrepreneurs to attend Slush, a tech event held in Helsinki on November 11 and 12.
At Slush, “there are entrepreneurs, startups, our young students from universities presenting, all from Finland, presenting their innovations to investors,” said Ms Toivakka. “Then there are investors and entrepreneurs from all over the world. They are mostly young people, mainly from the ICT sector, where Finland is very strong.”
For UAE entrepreneurs, attending the event means that they “would connect with [other companies],” Ms Toivakka said. “They might find someone to invest in them, and would learn from each other what new innovations there are in the world.”
“Slush is the focal point for startups and tech talent to meet with top-tier international investors, executives and media,” the event says on its website.
“In 2014, Slush brought together over 14,000 attendees and more than 3,500 companies for the two-day event. More than 750 investors came to Helsinki to meet start-ups in nearly 3800 pre-booked meetings.”
Sheikh Khalifa has designated 2015 as the UAE’s Year of Innovation.
The National's editor-in-chief, Mohammed Al Otaiba, will attend the event.
abouyamourn@thenational.ae
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