According to recent data from the EU-GCC Economic Overview released by the European Union, trade and economic cooperation between the Gulf Cooperation Council and the EU significantly strengthened in 2024, with total bilateral trade volume climbing to $196.8 billion.
Last year, GCC exports to Europe reached $79.3 billion. Among these, fuel and related products accounted for 74.3%, highlighting the Gulf region’s continued position as a major energy supplier to European markets. The remaining export products included chemicals, metals, plastics, and electrical machinery.
GCC imports from the EU amounted to $117.5 billion, primarily consisting of machinery, transportation equipment, pharmaceuticals, electronic products, and other industrial goods.
European investment in the region also continued to grow. In 2023, EU foreign direct investment in GCC member countries increased to $54.6 billion, up from $18.4 billion in 2011. These figures indicate Europe’s long-term interest in Gulf markets and its ongoing diversification strategy.
The document highlighted priority areas in the 2022-2027 Joint Action Plan that guides cooperation between the two sides. These areas include green hydrogen, renewable energy, industrial decarbonization, digital transformation, maritime security, food security, and scientific research cooperation.
The EU’s “Global Gateway” initiative has allocated more than €300 million for hydrogen and energy infrastructure development, considered a key driver for future projects related to electrolysis, transportation networks, and new hydrogen corridors.
