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.



Gold Falls as Traders Gauge Risk Outlook on Trump's Tariff Clarity

FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo
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20

Gold Falls as Traders Gauge Risk Outlook on Trump's Tariff Clarity

FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo

Gold prices fell on Friday as investors reassessed their risk outlook in the wake of US President Donald Trump's tariff measures, which have provided more clarity on market trends but raised concerns over economic slowdown.

Spot gold was down 0.4% at $3,101.01 an ounce, as of 0710 GMT. Still, bullion was on track for a fifth consecutive weekly gain, buoyed by its safe-haven appeal that aided gold to reach three record highs this week.

US gold futures edged 0.1% higher to $3,123.00.

In the previous session, gold dropped more than 2% as a broader market sell-off sparked by Trump's import tariffs, weighed on bullion traders.

This sharp pullback came just hours after gold reached a record high of $3,167.57.

"Gold tends to rally amid difficult-to-price uncertainty - like the start of a war - but tends to lose that support once markets learn how to price the risks involved," said Ilya Spivak, head of global macro at Tastylive.

"The Trump administration seems to have picked a road, and while sentiment clearly doesn't like it, at least the path of least resistance is more visible and easier to price. That is trimming some of gold's "market confusion" premium."

Trump said he would impose a 10% baseline tariff on all imports to the US and higher duties on some of the country's biggest trading partners.

US trading partners threatened to ratchet up a trade war with Washington as these tariffs ignited fears of steep price increases in the world's largest consumer market.

Federal Reserve officials, seeking more detail on Trump's trade plans, got perhaps more than they anticipated when he unveiled sweeping tariffs, analysts said, noting that it could dramatically reshuffle the country's economic outlook.

The market now awaits the US non-farm payrolls report, which could provide insights into the Fed's interest rate path.

Spot silver declined 1.5% to $31.4 an ounce, platinum lost 0.8% to $944.80, and palladium was steady at $928.33.