GCC, Indonesia Sign Joint Statement to Launch Free Trade Negotiations

GCC, Indonesia sign joint statement to launch free trade negotiations. (SPA)

Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi met yesterday with Indonesian Minister of Trade Zulkifli Hasan in Jakarta, where they underscored the significance of strengthening cooperation between the GCC and Indonesia to bolster economic ties and serve mutual interests.
The meeting included a signing ceremony for a joint statement to initiate GCC-Indonesia Free Trade Agreement (FTA) negotiations, the Saudi Press Agency reported on Thursday.
Both sides emphasized that the FTA between the two countries would establish a solid groundwork for expanding trade and investment and fostering cooperation. They highlighted that it will also establish the framework for legislation, laws, and procedures governing investments between the two sides, set mechanisms for their implementation, and create new job opportunities.
Albudaiwi said that the signing of the joint statement aligns with the directives of the GCC leaders to strengthen ties with international partners, highlighting that the FTA will play a crucial role in realizing the economic visions of the GCC countries and their strategic plans for economic diversification.
He also said that the initial round of negotiations will begin this year and is anticipated to conclude within 24 months, as mutually agreed upon.