EU welcomes first European Chamber of Commerce in the Gulf, based in Saudi Arabia

The establishment of the Chamber – which was actively supported by the Commission – will help diversify economic relations between the EU, Saudi Arabia and the wider Gulf Cooperation Council (GCC) region.

The Chamber of Commerce will serve as a platform to facilitate business cooperation and promote trade and investment between the EU and Saudi Arabia. It will work to support trade policies which focus on fairness, transparency and non-discrimination. As such, it will help foster a conducive environment for European businesses – notably small and medium-sized enterprises – in Saudi Arabia and the wider Gulf region.

Saudi Arabia is currently the EU’s first trading partner among the GCC countries, with bilateral trade in goods worth €75 billion annually and EU investments into the Kingdom growing by 50% since 2020 (from €19.9 billion in 2020 to €30 billion in 2022). With €175 billion in trade annually, the EU and the GCC are strong trading partners. The GCC region is the EU’s 6^th largest export market and an important source and destination of investment for EU Member States.  

Background

A 2022 Joint Communication (by the European Commission and the High Representative for Foreign Affairs and Security Policy) on a strategic partnership with the Gulf identified a privileged trade and investment relationship between the EU and the GCC and its members as being increasingly important and of strong mutual interest. Concretely, the Communication proposed to support the creation of a European Chamber of Commerce in the GCC countries to enhance the trade and investment environment, improve regulatory and customs cooperation, and promote sustainable development. 

For more information

European Chamber of Commerce in Saudi Arabia

EU-Gulf Region trade relations