EU ECONOMIC DIPLOMACY STRAGEGY IN SAUDI ARABIA FOR 2018 sa.doc - EED PRIORITIES AND ACTION PLAN Saudi Arabia 1 Introduction Saudi Arabia is currently


This preview shows page 1 - 3 out of 9 pages.

EED PRIORITIES AND ACTION PLAN Saudi Arabia 1. Introduction Saudi Arabia is currently undergoing a very ambitious and challenging economic and social transformation. The oil-dependent economy has suffered due to a substantial drop in oil prices in 2014, which have made a permanent mark in the economic development, and the economy has not fully recovered to date. Mindful of its economic vulnerability to oil price volatility, increasing domestic consumption and decreasing oil demand due to growing trend in green technologies globally, the Kingdom has embarked on the path of substantial economic reforms in accordance with its Saudi Vision 2030. 2. Existing policy context There is currently no trade agreement between the EU and Saudi Arabia. The EU- GCC FTA negotiations have stalled since 2008, and no clear signs of a genuine interest to re-engage has been seen on the GCC side which has been further affected by the crisis on Qatar. Our relations are therefore guided by the EU-GCC Cooperation Agreement, which provides a framework for cooperation in all areas including economic. As such, the EU has undertaken regular discussions on energy, macro-economic matters and trade and investment at regional level under this Agreement. An important progress in our economic cooperation was seen in 2017 following several high-level visits from the European Commission, namely Vice President Jyrki Katainen, and Commissioners Violeta Bulc and Paul Hogan. The launch of the EU- GCC trade and investment dialogue, including a considerable DG TRADE delegation to Riyadh, further underlined the importance of bilateral contacts in order to further push for EU agenda. The GCC is in fact notorious for signing agreements and giving important contracts within the framework of high-level visits, and the above EU attention to Saudi Arabia in 2017 triggered in our host country a higher interest to work with the EU, resulting among other in the appointment of a Saudi ambassador to EU at the end of the year. A bilateral cooperation arrangement (similar to the one between EU and Kuwait) is currently under consideration by the Ministry of Foreign Affairs. To materialise on this new appetite for cooperation locally, the EU has recently engaged with Saudi Arabia in view of the implementation of the Saudi Vision 2030, and established the EU-Saudi Vision 2030 Working Group. The WG is due to start its regular meetings in January 2018, and will enable technical level discussion on issues related to trade and investment facilitation. 1
Image of page 1

Subscribe to view the full document.

The EU Delegation in Riyadh has been working closely with EU MS on economic diplomacy prior to the launch of this exercise. Many activities have been either developed or executed in coordination with MS, including common development of terms of references or while joining efforts and building on available resources on both sides.
Image of page 2
Image of page 3
  • Winter '14

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask You can ask ( soon) You can ask (will expire )
Answers in as fast as 15 minutes