During the EU foreign ministers' endorsement of the strategic partnership document with the Gulf countries, that the Gulf countries are a reliable partner to supply energy and ensure the balance of the global market.

Last month, the European Union unveiled a new document to enhance cooperation with the Gulf states, in the areas of energy, green transformation, trade, economic diversification, regional stability and global security, and humanitarian and development challenges.

The document issued in the name of "Prosperity Partnership" and adopted by the High Representative of the European Union and the European Commission, and endorsed today by the Union's foreign ministers, is concerned with the strategic partnership with the Gulf states, and aims to expand and deepen joint cooperation.

The document touched on the free trade agreement with the Gulf states, whose discussions were suspended in 2008, saying, "The European Union's framework for free trade agreements has been developed and currently includes ambitious provisions on sustainable development, the gradual abolition of export duties and other measures that distort trade and investments."

The document also indicated that the partnership between the European Union and the GCC countries represents 20 percent of the global economy, 17.5 percent of global trade, and covers more than half of global foreign direct investments.

In 2020, the European Union and the Gulf Cooperation Council countries were the largest import partner and the fourth largest export partner, with rates of 17.8 percent and 6.9 percent, respectively, and thus the two parties achieved a distinguished trade and investment relationship, the document explains.

According to the document, the EU will seek to strengthen EU-GCC cooperation on economic integration, a business environment and sustainable investment, where enterprises can compete on the basis of their advantages and equal opportunities and address unfair trade, practices and subsidies that distort competition.