Saudi Arabia and the European Union are holding talks on protecting their products in both markets.

“The talks are in the final stages,” Dimitrios Michas, Greek counsellor for economic and commercial affairs in Jeddah was quoted as saying by Arab News during the latter’s stay at the Greek island as a guest.
He said the agreement would protect several important Saudi and European products in both markets. “After this accord, we’ll not allow the circulation of fake Madinah dates in European markets.”

The Greek diplomat said the EU countries would benefit a great deal from the agreement, adding that his country was trying to include mastiha and feta products in the agreement. “These products are very famous in Greece. More than 200 mastiha products weighing 150 tons are produced annually.” Michas said the agreement would help protect these Greek products in Saudi markets as imitation products carrying the same trade names could not be marketed in the Kingdom.
Speaking about the protection of Madinah dates in European markets, he said many other Muslim countries market dates in Europe using the name Madinah dates and giving the impression that they are from the holy city.

The move to sign the new accord comes at a time when GCC and EU officials are putting final touches on a long-awaited free trade agreement, which is expected to boost trade between the two.

At present GCC countries import products worth 47.4 billion euros from Europe, accounting for one third of the total imports. The GCC represents EU’s fifth largest trading partner.

GCC exports to EU countries are valued at 35.2 billion euros and they represent the 14th largest exporter to EU markets. Crude oil, petrochemicals and aluminum products are the main exports.

Although the GCC has been holding free trade talks with the EU since 1990, the talks showed the first signs of progress in 1999 when the six GCC states agreed to remove their customs barriers. The GCC established a free trade zone in 2003 and launched a common market in January 2008.