World Economy

EU, (P)GCC to Boost Trade

EU, (P)GCC to Boost TradeEU, (P)GCC to Boost Trade

The potential for growth of businesses and cooperation in the services sector between the (Persian) Gulf Cooperation Council and the European Union is really huge, The Peninsula reported. Services related to energy and environment sector, waste management, water management and information technology offers vast scope for growth between the (P)GCC and EU, according to European Services Forum. Currently the share of services in total trade between (P)GCC and EU stands around 22%. The (P)GCC countries account for 4.2% of total EU trade and are a significant export market for the EU, currently the fifth largest worldwide.