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GCC, Indonesia Sign Joint Statement to Launch Free Trade Negotiations

GCC, Indonesia sign joint statement to launch free trade negotiations. (SPA)
GCC, Indonesia sign joint statement to launch free trade negotiations. (SPA)
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GCC, Indonesia Sign Joint Statement to Launch Free Trade Negotiations

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

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Riyadh to Host Second Round of GCC-Türkiye Free Trade Negotiations

The first round of free trade agreement negotiations between the GCC and Ankara (General Secretariat of the Gulf Cooperation Council)
The first round of free trade agreement negotiations between the GCC and Ankara (General Secretariat of the Gulf Cooperation Council)
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Riyadh to Host Second Round of GCC-Türkiye Free Trade Negotiations

The first round of free trade agreement negotiations between the GCC and Ankara (General Secretariat of the Gulf Cooperation Council)
The first round of free trade agreement negotiations between the GCC and Ankara (General Secretariat of the Gulf Cooperation Council)

The second round of negotiations for a free trade agreement between the Gulf Cooperation Council (GCC) and Türkiye is scheduled to be held in Riyadh before the end of this year.
According to a statement issued by the Turkish Ministry of Commerce on Wednesday, the first round of free trade agreement negotiations, which Ankara hosted on Tuesday, witnessed detailed discussions on facilitating trade in services and investments, including trade in goods, rules of origin, contracting, tourism and health.
The statement added that the negotiations are taking place within the framework of the joint declaration signed by the Turkish Minister of Trade, Omer Bolat, and the GCC Secretary-General, Jassim Mohammad Albudaiwi, on March 21.
The two sides will maintain talks through online meetings during the coming period, and will meet in Riyadh, in the last quarter of 2024, to conduct the second round of negotiations, according to the Turkish ministry.
According to official statistics, the volume of trade between Türkiye and the six GCC countries reached $31.5 billion in 2023. The GCC had placed negotiations on a free trade agreement with Ankara among its priorities after Turkish President Recep Tayyip Erdogan participated in the 44th summit of the GCC Council, which was held in Doha on Dec. 5, 2023.
Saudi Arabia participated in the first round of talks through a government delegation headed by the General Authority for Foreign Trade and with the participation of the Ministries of Energy, Investment, Environment, Water and 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.
Albudaiwi and Bolat had signed a joint statement to launch the negotiations for a free trade agreement in Ankara on March 21, 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, adding that Türkiye attached great importance to the completion of a comprehensive agreement 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.