In May 2005, at the South America-Arab countries Summit held in Brasilia, Brazil, the
MERCOSUR (Argentina, Brazil, Paraguay and Uruguay) and the Gulf Cooperation Council (GCC), made up of Bahrain, Kuwait,
Oman, Qatar, Saudi Arabia, and the United Arab Emirates, signed a Framework Agreement on Economic Cooperation.
The first MERCOSUR-Gulf Cooperation Council meeting was held in Riyadh, Saudi Arabia on 26-27 November 2005. A schedule
was set up for negotiations towards a MERCOSUR-GCC free trade agreement, to be concluded in 2006.