Secretary General of the Gulf Cooperation Council Jasem Mohamed Albudaiwi has stated that the signing of a free trade agreement between the GCC and South Korea is a historic step towards achieving economic integration and enhancing economic and trade relations between the two sides.
Albudaiwi made his remarks during the signing with South Korean Minister of Trade Ahn Dukgeung of the joint statement concluding the negotiations and reaching the Free Trade Agreement between the GCC and South Korea in Seoul.
Albudaiwi stated that free trade agreements are implemented following the directives of the leaders of the GCC, towards enhancing the economic relations of the GCC with other countries and international blocs and achieving joint trade and investment interests.
Albudaiwi also mentioned that the signing comes as a result of negotiations that lasted for five rounds, reflecting the mutual desire to enhance the strategic partnership and economic cooperation between the two sides.
He further added that this agreement is expected to contribute to increasing bilateral trade volume and enhancing trade in goods and services between the two parties, as well as promoting economic diversification plans in the Council member countries and South Korea.
He said the agreement included 18 chapters, covering trade in goods, services, government procurement, digital trade, cooperation in the field of small and medium-sized enterprises, customs procedures, intellectual property and other chapters and topics of mutual interest.
