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Saudi Commerce Minister Leads Delegation to Boost Trade with South Korea

Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul on Monday, leading a Saudi delegation on a three-day visit to bolster trade ties with South Korea. (SPA)
Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul on Monday, leading a Saudi delegation on a three-day visit to bolster trade ties with South Korea. (SPA)
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Saudi Commerce Minister Leads Delegation to Boost Trade with South Korea

Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul on Monday, leading a Saudi delegation on a three-day visit to bolster trade ties with South Korea. (SPA)
Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul on Monday, leading a Saudi delegation on a three-day visit to bolster trade ties with South Korea. (SPA)

Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul on Monday, leading a Saudi delegation on a three-day visit to bolster trade ties with South Korea.

The delegation, comprising officials from 10 government agencies and 55 business leaders from major national companies, aims to reinforce economic partnerships and participate in the Saudi-Korean Business Forum.

During a meeting with Korean Prime Minister Han Duck-soo, Al-Qasabi highlighted the importance of strengthening commercial ties between the two countries in line with the directives of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.

The discussions centered on the progress in free trade agreement talks between South Korea and the Gulf Cooperation Council, as well as the impact of Saudi Arabia's Vision 2030 reform agenda on potential business opportunities for collaboration.

Saudi Ambassador to South Korea Sami bin Mohammed Al-Sadhan was present at the meeting.

Al-Qasabi also discussed with the Korean Minister of Small and Medium Enterprises and Startups, Oh Young-ju, to explore opportunities for knowledge sharing and talent exchange, drawing on Seoul’s experience in developing small and medium enterprises (SMEs).

He met with Naver CEO Choi Soo-yeon to discuss the company's plans to enter the Saudi market and collaborate on expanding e-commerce in the Kingdom.

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First Round of Free Trade Negotiations between Gulf States, Türkiye Begins in Ankara

The signing of the joint statement to begin negotiations on a free trade agreement between the GCC and Türkiye in March (Asharq Al-Awsat)
The signing of the joint statement to begin negotiations on a free trade agreement between the GCC and Türkiye in March (Asharq Al-Awsat)
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First Round of Free Trade Negotiations between Gulf States, Türkiye Begins in Ankara

The signing of the joint statement to begin negotiations on a free trade agreement between the GCC and Türkiye in March (Asharq Al-Awsat)
The signing of the joint statement to begin negotiations on a free trade agreement between the GCC and Türkiye in March (Asharq Al-Awsat)

Ankara is set to host on Monday the first round of negotiations for a free trade agreement between the Arab Gulf Cooperation Council and Türkiye.

The talks will extend over three days, with the participation of nine Saudi government agencies, and will focus on a number of topics related to trade in goods and services, investment, technical barriers to trade, and sanitary and phytosanitary measures.

Conferees are set to exchange information and data, discuss challenges and trade opportunities between the concerned parties, and build trust and partnership by identifying areas of cooperation and joint coordination, with the aim of reaching a final comprehensive agreement.

The Saudi government delegation, which is headed by the General Authority for Foreign Trade, includes the Ministries of Energy, Investment, Environment, Water, Agriculture, Industry and Mineral Resources, the Ministry of Economy and Planning, the Food and Drug General Authority, the Zakat, Tax and Customs Authority, the Saudi Standards, Metrology and Quality Authority, and the Export Development Authority.

The agreement, when implemented, will give a preferential advantage for the entry of national goods and services into the markets of all concerned parties, in addition to facilitating, encouraging and protecting investments, raising the volume of trade exchange and promoting economic growth and development in the member countries.

The GCC Secretary-General, Jassim Mohammed Al-Budaiwi, and the Turkish Minister of Trade, Omer Bolat, signed on March 21 a joint statement to launch the negotiations for a free trade agreement in Ankara, highlighting the two sides’ endeavor to develop their strategic partnership.

In a speech during the signing ceremony, Bolat said he was confident of the success of the talks.

He noted that the negotiations between his country and the GCC began in 2005, but were suspended in 2010, stressing that the bilateral economic relations will be more comprehensive and well-defined, and will offer opportunities for development and diversification.

Bolat added that Türkiye attached great importance to a comprehensive deal that regulates important areas such as trade in goods and services, intellectual property rights and customs procedures, as well as facilitating trade and developing cooperation between small and medium-sized companies.