| EU exports to the GCC have been increasing since the 80s. The GCC is currently the EU's fifth largest export market and the EU is the GCC's first trading partner. In 2006, EU exports to the GCC were around €55 billion whereas EU imports from the GCC amounted to around €375 billion. EU exports to the GCC are diversified, but the main weight remains on machinery and transport materials (54%), such as power generation plants, railway locomotives and aircraft as well as electrical machinery and mechanical appliances. EU imports from the GCC consist mostly of fuels and derivatives (70% of total EU imports from the GCC countries). GCC countries currently benefit from preferential access to the EU market under the EU’s Generalised System of Preferences (GSP).
Source: EU Commission (Trade Issues/Bilateral Trade Regions/Gulf Region) |
