Experts are forecasting that the free trade agreement recently signed between the Gulf Cooperation Council (GCC) and South Korea will find its way into force within 6 months.
The agreement is set to boost the role of Gulf chambers and federations, especially the ones in Saudi Arabia, in increasing trade and investment flow between the two signatories.
It will also increase the competitiveness of Gulf exports and products, marketing them globally.
Priority economic sectors listed on the agenda of GCC countries and South Korea would receive the lion’s share, the chairman of the Federation of Saudi Chambers, Ajlan Al-Ajlan, told Asharq Al-Awsat.
This comes to serve as a driving engine for strengthening cooperation between Gulf states and South Korea on the economic and commercial levels, as well as maximizing the competitiveness of the Gulf product in general and Saudi Arabia in particular in the markets.
Al-Ajlan predicted the two sides will soon be able to reap the fruits of this agreement.
They also stand to benefit from the trade agreements of each of the Gulf states and South Korea with other countries and major economic blocs in accessing new markets.
Korean and Saudi companies will now have access to each other’s home markets.
Al-Ajlan stressed the importance of signing a free trade agreement between the GCC and South Korea and its positive impact on the future of Gulf-Korean economic relations.
He also confirmed the need for enhancing coordination between the private and public sectors in Gulf countries.
Al-Ajlan pointed out that the signing of a free trade agreement comes in light of the ambitious economic visions launched by Saudi Arabia and GCC countries.
