GCC Secretary General: FTA will open wider scopes for commercial, industrial cooperation between GCC states, Korea

Riyadh, January 19, 2022, SPA-- Secretary General of the Gulf Cooperation Council (GCC) for Arab States Dr. Nayef Falah Mubarak Al Hajraf stressed that the free trade agreement (FTA), which GCC and the Republic of Korea announced resuming negotiations on it today, will open wider scopes of commercial and industrial cooperation between GCC states and the Republic of Korea. These remarks were made during a meeting today between Dr. Al-Hajraf and Trade, Industry and Energy Minister of the Republic of Korea Moon Sungwook, in the presence of and Head of GCC Negotiations Team Abdulrahman Ahmed Al Harbi at Prince Saud Al-Faisal Convention Center at the Secretariat General in Riyadh, where the two sides signed reference conditions by the GCC team and the Korean minister, and also signed a joint statement. The meeting also discussed the latest developments regarding the signing of a FTA between GCC countries and the Republic of Korea and the challenges facing GCC countries, which push them to reduce reliance on oil revenues and enhance non-oil revenues and focus on renewable and clean energy, among other fields that will contribute to enhancing cooperation economically and commercially. Dr. Al-Hajraf stressed the importance of investing promising opportunities between GCC countries and the Republic of Korea to make a qualitative leap in the history of commercial and industrial cooperation in a way that serves joint interests, in implementation of directives of GCC leaders. The joint statement stressed both sides’ endeavors to reach a final agreement within six months of the first phase of negotiations, expecting the FTA to play a role in further enhancing the solid economic relations and boosting the strategic partnership between the two sides. It also noted that the FTA will be ambitious and comprehensive and contribute to enhancing economic growth and creating jobs through enhancing the trade of goods and services and other fields that can benefit both sides. The statement also stressed the significance of providing an open commercial environment, due to the repercussions of the coronavirus (COVID-19) pandemic, based on global trade rules that can play a role in enhancing growth and prosperity for both sides. --SPA