GCC, South Korea Resume Free Trade Talks on Monday

Trade Minister Yeo Han-koo (L) and the Gulf Cooperation Council's Secretary-General Nayef Falah M. Al-Hajraf posing for a photo after their agreement to resume talks for a free trade agreement in Riyadh on Jan. 19, 2022. (Yonhap)
Trade Minister Yeo Han-koo (L) and the Gulf Cooperation Council's Secretary-General Nayef Falah M. Al-Hajraf posing for a photo after their agreement to resume talks for a free trade agreement in Riyadh on Jan. 19, 2022. (Yonhap)
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GCC, South Korea Resume Free Trade Talks on Monday

Trade Minister Yeo Han-koo (L) and the Gulf Cooperation Council's Secretary-General Nayef Falah M. Al-Hajraf posing for a photo after their agreement to resume talks for a free trade agreement in Riyadh on Jan. 19, 2022. (Yonhap)
Trade Minister Yeo Han-koo (L) and the Gulf Cooperation Council's Secretary-General Nayef Falah M. Al-Hajraf posing for a photo after their agreement to resume talks for a free trade agreement in Riyadh on Jan. 19, 2022. (Yonhap)

South Korea and the Gulf Cooperation Council (GCC) will kick off the fourth round of official talks for a bilateral free trade agreement (FTA) in Seoul on Monday, said Seoul's Ministry of Trade, Industry and Energy.

The South Korean Yonhap news agency reported that the four-day talks will resume after a 13-year hiatus in a move to forge deeper economic ties.

The six GCC countries, namely Saudi Arabia, the UAE, Kuwait, Bahrain, the Sultanate of Oman and Qatar supply South Korea with 59.8 percent of its crude oil imports, Yonhap reported.

South Korea and the GCC agreed to push for a trade agreement in 2007 and had three rounds of talks between 2008 and 2009. But the negotiations have since stalled.

However, the two sides agreed to resume these talks when President Moon Jae-in visited Saudi Arabia last year.

In January, Minister for Trade Yeo Han-koo and GCC Secretary-General Nayef al-Hajraf announced the resumption of FTA talks in Riyadh.

According to government data, the trade volume between the two sides reached $46.6 billion in 2020.

The Ministry's FTA negotiator Lee Kyung-sik is expected to attend the talks as a representative of the South Korean delegation, as well as head of the Gulf negotiating team Abdul Rahman bin Ahmed al-Harbi as a representative of the GCC.



Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.