Description: The European trade Commissioner Maros Sefcovic and UAE’s trade official, Thani Al Zeyoudi officially launched bilateral trade talks between the EU and the UAE in Dubai. The trade talks were necessitated since UAE launched the so – called Comprehensive Economic Partnership Agreements in 2021, in order to reduce the country’s economic dependence on fossil fuels and ensure diversified economic longevity. Al Zeyoudi also stated that the ongoing bilateral talks would only be a prelude towards a much larger economic agreement which would undertake the European Union and the Gulf Cooperation Council, which included other Arab countries such as Bahrain, Kuwait, Oman, Qatar and Saudi Arabia. The EU and the UAE initially started bilateral trade talks 35 years ago which were suspended in 2008 with the upending of the global markets and the economic crisis the ensued.
Impact: On the outskirts of the joint summit between ASEAN, GCC countries and China, Europe also launched an initiative to insert itself within the sphere of influence on the Middle East. The Gulf countries have always been paramount to the global economy with their enlarged crude oil reserves which represent a major asset in negotiating economic diversification with other countries or economic blocs such as the EU. Europe, faced with growing energy dependence, US tariffs and mounting pressure from Chinese companies infiltrating its markets is looking to conform their foreign strategic investment portfolio into reliable supply of energy derivates such as oil, despite championing sustainable development. The ongoing talks further highlight the enhanced development of multilateralism on a global scale which considerably impacts and disrupts traditional strategic alliances further causing diversification of the global power dynamics.