The summit continued recent efforts to connect the EU and the GCC while also aiming to find a solution to the current conflict in the Middle East, which is causing severe shocks to the global economy in general and the European economy in particular.
The EU-GCC Summit was chaired by European Council President Charles Michel and Qatari Emir Sheikh Tamim bin Hamad Al Thani, who holds the rotating presidency of the GCC.
At the summit, the leaders focused on important global issues, such as climate change response and the energy crisis, promoting economic cooperation, and strengthening regional and international security in the face of geopolitical challenges.
The fact that the EU and the Gulf countries attach importance to strengthening cooperation in such a volatile world is inevitable. With its proximity to the Middle East, the EU is greatly affected by the security, political and economic situation there.
The Gulf is a major source of oil and natural gas for Europe, given that the EU made efforts to diversify its gas supply in the wake of the conflict in Ukraine. Gulf countries Qatar and Oman also play an important intermediary role in nuclear negotiations with Iran, one of the EU’s foreign policy priorities.
The Gulf countries are also accelerating their integration plans and working to attract international businesses, as the region is seeking to diversify its economy to avoid dependence on oil.
At the same time, these countries are also actively seeking support and assistance from the international community to deal with serious security challenges emerging in the region. Therefore, one of the important topics at the EU-GCC Summit was to strengthen the coordination of actions, seeking solutions to the current crisis in the Middle East.
Due to escalating tensions in the Red Sea, more than 6,600 ships have diverted from the Suez Canal for the longer and more expensive route around the Cape of Good Hope in southern Africa since November 19, 2023.
Tumult in the Red Sea has pushed up freight rates and disrupted global supply chains. In response to this situation, in February 2024, the European Council launched a maritime safety operation called “Operation Aspides”, marking the EU’s concrete action to ensure maritime security in the region against the Houthis’ attacks.
Cooperation between the EU and the GCC has grown strongly in the economic, political and security fields since the two sides signed a cooperation agreement in 1989. The EU is currently the second largest trading partner of the Gulf states, with trade between the two sides reaching 170 billion EUR in 2023.
In May 2022, the EU adopted a strategic partnership with the Gulf, further deepening cooperation between these important regional organisations. The EU also appointed former Italian Foreign Minister Luigi Di Maio as the first EU Special Representative to the Gulf.
After a series of connection efforts, the first EU-GCC Summit is a big step forward in creating opportunities for the EU to expand its partnership with the United Arab Emirates, Saudi Arabia and Qatar, countries with important geopolitical positions, while contributing to strengthening the EU’s political and security role in the Gulf region.
The complex changes in the world’s security and economy are making the EU and the GCC come closer together. European Council President Charles Michel stressed that the future of Europe and the Gulf countries are closely linked. This first summit is expected to create momentum for the two sides to continue strengthening cooperation, seeking deeper strategic agreements and dealing with complex common challenges.
