Secretary General of the Gulf Cooperation Council for Arab States Dr. Nayef Al Hajraf stressed that a Free Trade Agreement (FTA) between the GCC and South Korea will open wider scopes of commercial and industrial cooperation between the two sides.
Hajraf made his remarks on Wednesday after the GCC and South Korea announced resuming negotiations on the FTA.
He spoke during a meeting with South Korea’s Trade, Industry and Energy Minister Moon Sungwook, in the presence of Head of GCC Negotiations Team Abdulrahman Al Harbi at Prince Saud Al-Faisal Convention Center at the Secretariat General in Riyadh, where the two sides signed a joint statement and reference conditions by the GCC team and the South Korean minister.
The meeting also discussed the latest developments regarding the signing of an FTA between GCC countries and South Korea, and the challenges facing Gulf countries, which push them to reduce reliance on oil revenues and focus on renewable and clean energy.
Al-Hajraf stressed the importance of benefiting from the promising opportunities of cooperation between GCC countries and South Korea.
The joint statement stressed both sides’ endeavors to reach a final agreement within six months of the first phase of negotiations, expecting the FTA to play a role in further enhancing the solid economic relations and boosting the strategic partnership between the two sides.
It also noted that the FTA will be ambitious and comprehensive and contribute to enhancing economic growth and creating jobs by improving the trade of goods and services and other fields that can benefit both sides.