GPCA: The partnership between the European Union and the Gulf Cooperation Council enhances energy security - energy

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The Gulf Petrochemicals and Chemicals Association (GPCA) (the organization representing the sector in the Gulf Cooperation Council countries) commended the European Union’s announcement of the adoption of a strategic partnership with the Gulf Cooperation Council and its member states, in the areas of energy security and trade.

This partnership, which was unveiled by the European Union on May 18, addresses a series of key policy areas, and presents concrete proposals to enhance cooperation between the European Union and the Gulf Cooperation Council countries on energy, green transformation, trade, economic diversification, regional stability, global security, development challenges, and other issues. .

GPCA welcomes this important announcement of the close cooperation between the GCC countries and the European Union, not only because it presents an opportunity to enhance the social and economic benefits in both regions, but also because it will revitalize their efforts to solve key sustainability challenges, innovate new solutions and develop local human capital.

According to a press statement – Energy obtained a copy of it today, Monday – the Gulf Petrochemicals and Chemicals Association confirmed that this announcement is closely in line with its position on promoting bilateral trade with Europe, by removing trade barriers and customs tariffs.

Western Europe is the second largest export partner for chemical and petrochemical products to the GCC countries after Asia, with an export volume of 6.7 million tons in 2020.

Enhance energy security

In this context, the Secretary General of the Gulf Petrochemicals and Chemicals Association (GPCA), Dr. Abdul-Wahab Al-Saadoun, welcomed the announcement made by the European Union last week.

Gulf Petrochemical Association GPCA
Dr. Abdulwahab Al-Saadoun – Photo by Gulf Petrochemicals Association (23 May 2022)

He said that this announcement “indicates its (European Union) intention to enhance cooperation with the Gulf Cooperation Council countries, because it will help contribute to the energy security of the member states of the European Union and secure diverse sources of energy, in addition to providing production inputs to the main industries in the European continent.”

He continued, “We in GPCA believe that the GCC countries will be the ideal partner for energy and raw materials for the European Union in the long term, based on long decades of cooperation between the two regions.”

“Strategic partnerships and investments in climate change, digitization, human capital development, research and innovation will provide an important platform to enable the transition towards a more sustainable future,” added Dr. Al-Saadoun.

He explained that the huge reserves of natural hydrocarbon and renewable resources that the GCC countries enjoy, along with human capital and European knowledge accumulated over decades of science and development, will contribute to building a stronger and more resilient relationship between the two economic regions.

Supportive stances from GPCA

Since its establishment in 2006, GPCA has been a supporter of free trade agreements between the two regions, and although the Gulf Cooperation Council countries are currently among the signatories to a free trade agreement with the European Free Trade Area, which includes Iceland, Liechtenstein, Norway and Switzerland, it has not A broader free trade agreement is being reached with the European Union.

The Gulf Petrochemicals and Chemicals Association, GPCA, believes that the free trade agreement, whether general or at sectoral levels, will help maximize the potential economic and trade benefits of both regions, especially with the persistence of geopolitical crises, energy supply challenges and increased trade tensions that also emphasize the importance of forming strategic partnerships with A reliable and long-term partner.

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