On 24 October 2026, the leaders of the European Union member states and the countries of Gulf Cooperation Council (GCC) will meet in Saudi Arabia for the second EU-GCC Summit. On the EU side, this multilateral summit will be co-chaired by the President of the European Council, António Costa. The EU will also be represented by the President of the European Commission, Ursula von der Leyen.
The European Union is the second-biggest trade partner of the GCC countries (the Kingdom of Bahrain, the Kingdom of Saudi Arabia, the State of Kuwait, the Sultanate of Oman, the State of Qatar, and the United Arab Emirates). EU–GCC relations are based on the cooperation agreement document signed in 1989, which establishes regular dialogues on cooperation between the EU and the GCC on economic relations, climate change, energy, the environment and research.
| “The EU-GCC strategic partnership is anchored in political dialogue, coordination and engagement, with the aim of promoting global and regional peace, security, and prosperity for the benefit of the people of our regions and beyond. Our past, present and future are interconnected. The time has come to deepen the EU-GCC partnership.” |
| — António Costa, President of the European Council |
Background
Together, the Gulf Cooperation Council countries have a population of around 60 million people, the most populous countries being Saudi Arabia and the United Arab Emirates (35.3 million and 11.3 million inhabitants respectively, according to World Bank data). The Gulf holds almost a third of the world’s oil reserves.
In 2025, the total value of trade between the EU and the six countries of the Gulf Cooperation Council amounted to €165.6 billion, with almost €110 billion in EU exports and €55.6 billion in EU imports.
Over the last decade, EU-GCC trade increased by almost 30%, with imports growing by almost 54% and exports by almost 20%. The key traded goods are fuels, accounting for over 75% of the EU’s imports from GCC countries.
In 2024 (the last year for which data is available), trade in services between the EU and Gulf Cooperation Council countries was worth €84.4 billion, with €28.2 billion in EU imports and €56.2 billion in EU exports.
Trade in services between the EU and GCC countries more than doubled between 2014 and 2024 (+119%).
In 2024, total EU foreign direct investment stock in the GCC region amounted to €163.1 billion, while the investment stock in the EU from the GCC region stood at €189.8 billion.
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