The Gulf Cooperation Council and the European Union have agreed to revive free trade deal talks, according to EU Ambassador Patrick Simonet.
Simonet said the potential agreement between the two parties was discussed during the high-level dialogue on the sidelines of the 76th session of the UN General Assembly on September 14 in New York.
The agreement will also be part of the discussions during the upcoming visit of the European Union representative to the Gulf region in the coming days.
The UN meeting recommended the importance of advancing and completing the free trade agreement negotiations, due to its importance for both parties.
EU countries have direct investments in Saudi Arabia worth $24.88 billion, led by the five largest countries — Netherland, Italy, France, Germany and Spain, Simonet said.
Investments in GCC Countries are focused on oil and gas, healthcare, life sciences, food and beverage, construction and infrastructure, he added.