This paper presents a new approach to EU-GCC relations. It is based on a European perspective on the major political and economic developments taking place within the GCC and Iraq. Additionally, it delineates the issues in the relations between the two sides on which there could be more focus. The paper deals with the major aspects of democratization and political reforms in the GCC States, the post-war reconstruction of Iraq, as well as the process of economic growth in this region and the promotion of the role of the private sector as the main driver of development and economic liberalization. It also emphasizes the role of the Gulf commercial bourgeoisie in carrying out these economic activities within the different countries of the region and the Arab World in general. This is quite important a role for initiating the required political change in the future. Also, the paper looks at the most important themes in the ongoing negotiations between the EU and the GCC, including political and security issues, in addition to those of good governance, human rights, human resources and education, trade and investment, oil and gas supplies, stock exchange and financial markets.