Within the World Summit of Governments/Gulf-European Economic Relations towards a new phase of interconnectedness and accelerated diversification
Dubai, 4 February / WAM / The session “The Next Investment and Trade Race”, within the “Global Trade and Logistics” theme of the World Government Summit 2026, held in Dubai under the slogan “Foreseeing the Governments of the Future”, during the period from 3 to 5 February this year, witnessed a discussion about the future of economic ties between the Gulf Cooperation Council countries and the European Union, in light of the intense global competition for supply chains and smart logistics.
The session discussed Gulf-European economic relations and their entry into a new phase of accelerated diversification and increasing interconnectedness, in light of the restructuring of geopolitical balances.
Speaking at the session were His Excellency Jassim Al Budaiwi, Secretary-General of the Cooperation Council for the Arab States of the Gulf, and Luigi Di Maio, the European Union Special Envoy for Gulf Affairs.
Luigi Di Maio stressed that strengthening relations with the Gulf states represents a top priority for the member states of the European Union.
He explained that the upcoming investment race depends mainly on digital transformation in logistical operations, and on artificial intelligence projects, and there are partnerships that bring us together in this regard with the Gulf countries, in addition to political partnerships, trade agreements, and tourist and commercial transit (Schengen).
He stressed that Europe sees the Gulf countries as a reliable partner, not only in energy security, but in building flexible supply chains capable of withstanding global shocks, noting that work is underway to develop regulatory frameworks that facilitate the movement of capital between the two sides, and the leaders have put this in their strategies, so it is time to talk, cooperate, activate strategic partnerships, and revive the Gulf-European agreement, especially in light of the pressures in global trade, customs duties, and the new geopolitical reality, which requires us to provide more beneficial approaches to the countries. Members of both parties through agreements, opening trade corridors, and benefiting from the dynamic economic space in the Gulf region. We must work with the GCC countries and accelerate this work, through policy, regulatory, and partnership tools capable of launching a deeper level of economic integration that enhances common prosperity.
For his part, His Excellency Jassim Al Budaiwi stressed that the Gulf countries have today become the beating heart of global trade, thanks to their huge investments in infrastructure, adding that the Gulf-European Cooperation Agreement dates back to 1988, and has developed over time to include many fields, and there is an ambition on the part of the member states of the agreement to move forward, especially in the areas of energy and digitalization.
He explained that the volume of trade between the Gulf countries and the European Union has currently reached $197 billion, and we aspire to reach $300 billion.
He pointed out that the world has changed a lot over the past years, and interests have changed, and even trade itself, so there are many trade ideas worth discussing, and today we need free trade agreements between different blocs. He gave, for example, the trade agreement that the United Arab Emirates concluded with Korea, and shortly after that, the countries of the Gulf Cooperation Council followed suit. What works between one country and another also works, and to a greater extent, between one economic bloc and another.
His Excellency pointed out that the Gulf Cooperation Council countries are no longer just an energy corridor, but have become an integrated economic partner that seeks to strengthen free trade agreements with international partners, led by the European Union, to ensure the flow of goods and investments in a way that serves the Gulf economic diversity.
More than 60 heads of state and government and their deputies, more than 500 ministers, and more than 150 governments will participate in the World Government Summit 2026. It will also bring together more than 80 international and regional organizations and global institutions, and more than 700 CEOs of major international institutions and companies, in the presence of more than 6,250 participants.
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