Gulf - European Union trade exchange exceeds 36 billion dollars

Trade between European Union countries and the Arab gulf exceeded $ 36 billion in 2000, reports Kuwaiti news agency KUNA quoting an economic study released this week.

The study, issued by the Egyptian center for economic studies, said the trade exchange was leaning in favor of the European Union by $ 19 billion. European monetary markets attracted financial surplus of Arab countries in the forms of deposits, purchasing financial assets and direct investments.

These investments, indicated the study, peaked in late 1980s and ranged between $ 620-675 billion. It said EU's development assistance to the Arab countries at that time did not exceed three billion dollars.

The study anticipated obstacles to face the creation of a Gulf-European free trade zone, like the EU insistence to exclude aluminum and petrochemical exports from the gulf from the free trade deal.