MANAMA - The European Union and the oil-rich Gulf Cooperation Council have agreed to conclude a long-stalled free trade deal by the end of the year and will meet again in June, the Bahraini foreign minister said Tuesday.
"We agreed on a date, that is on signing the free trade agreement by year's end," Sheikh Mohammad bin Mubarak al-Khalifa told reporters after a meeting between the two blocs here.
GCC member states -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- will meet to discuss outstanding issues before a fresh round of talks with the EU in June, he said.
A joint statement issued after the meeting said EU and Gulf ministers would meet in Brussels from June 7 to 9.
"The joint council noted the parties' commitment to do their utmost to conclude the negotiations at the earliest possible stage and preferably before the end of 2005," the statement said.
European Trade Commissioner Peter Mandelson, who attended the talks along with External Relations Commissioner Benita Ferrero-Waldner, said he saw no real obstacles to the conclusion of the proposed agreement.
The GCC and the EU signed a framework economic cooperation agreement in 1988 but have so far failed to agree a free trade deal.
The GCC states met one of the EU requirements when they launched a customs union in January 2003, but implementation has hit serious snags.
In principle, the GCC plans a common market in 2007 and a monetary union and single currency by the start of 2010.
04/05/2005 15:28 GMT