SEOUL — The recent signing of a free trade agreement between the Gulf Cooperation Council (GCC) and the Republic of Korea marks a historic milestone in Gulf economic integration and bolsters economic and trade relations between the two regions, said Jasem Mohamed Albudaiwi, Secretary General of the GCC.
Albudaiwi and Ahn Dukgeung, the Minister of Trade of the Republic of Korea, signed a joint statement in Seoul, concluding negotiations and formalizing the Free Trade Agreement between the GCC and the Republic of Korea.
Albudaiwi highlighted that the implementation of such free trade agreements follows directives from GCC leaders aimed at strengthening economic ties with other countries and international blocs and fostering joint trade and investment interests.
He noted that this agreement, the culmination of five rounds of negotiations, signifies a shared commitment to bolstering the strategic partnership and economic cooperation between the two sides.
The agreement is anticipated to increase bilateral trade volume and boost trade in goods and services, as well as support economic diversification efforts in the GCC member countries and the Republic of Korea.
Albudaiwi pointed out that the comprehensive agreement covers 18 chapters, addressing various aspects including trade in goods and services, government procurement, digital trade, cooperation in the field of small and medium-sized enterprises, customs procedures, intellectual property, and other topics of mutual interest.
“This agreement is the second one concluded by the GCC with its trading partners globally in 2023, following the announcement of a similar agreement with the Islamic Republic of Pakistan in September last year,” Albudaiwi added.
He highlighted that the rapid succession of free trade agreements with Pakistan and the Republic of Korea, signed within a span of three months, underscores the strong economic position of the GCC countries. These nations have become increasingly attractive destinations for countries around the world, eager to establish various agreements and partnerships, particularly in the economic sector.
Albudaiwi expressed his appreciation for the chief negotiators and the entire negotiating and technical teams from both sides for their committed efforts in finalizing the agreement. “We look forward to the continuation of these excellent efforts to achieve further successes in joint Gulf cooperation,” he said.