The GCC and the European Union yesterday agreed to fast-track negotiations over a Free Trade Area agreement. It will be the first bloc-to-bloc agreement of its kind in the world. Negotiations, which began in 1990, will be concluded by the end of this year, the two sides agreed at their annual foreign ministers' meeting at the Ritz-Carlton Bahrain Hotel and Spa. All GCC countries stand to benefit greatly from the agreement, said Crown Prince and BDF Commander-in-Chief Shaikh Salman bin Hamad Al Khalifa. "This will mean more trade and further development and prosperity once it is signed," said Shaikh Salman. He praised the objective of the GCC and EU to reach an agreement by the end of the year. Bahrain and the US signed a Free Trade Agreement on May 27 last year after four months of negotiations. There is still no specific date when the US Congress will ratify the deal, said Shaikh Salman.
| Guess this'll further tighten the Soddy turban, too. And maybe it'll provide an incentive for Congress to sign off on the Bahrain deal. |
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