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GCC, South Korea Launch 7th Round of Trade Negotiations

General view of Riyadh city in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri
General view of Riyadh city in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri
    Asharq A-Awsat
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GCC, South Korea Launch 7th Round of Trade Negotiations

General view of Riyadh city in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri
General view of Riyadh city in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri

The Seventh Round of the Free Trade Agreement negotiations between the Gulf Cooperation Council and South Korea was launched at the headquarters of the GCC in Riyadh, the Saudi Press Agency reported Wednesday.

The negotiations, which are scheduled to last until Thursday, are set to discuss as many as 14 issues on promoting trade between the two sides and enhancing investment and cooperation on digital trade, and small and medium enterprises, SPA said.

Abdulrahman bin Ahmed Al-Harby, General Coordinator of the GCC negotiation team, said these agreements come in implementation of instructions of the leaders of the GCC countries towards enhancing the Council’s strategic ties with its partners.

He confirmed that the agreement under discussion is set to contribute to stimulating economic, commercial and investment growth and to support entrepreneurship sectors in GCC states.

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Saudi Arabia Boosts Strategic Partnership with Indonesia in Mining, Food, Pharmaceutical Industries

Saudi Arabia Boosts Strategic Partnership with Indonesia in Mining, Food, Pharmaceutical Industries
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Saudi Arabia Boosts Strategic Partnership with Indonesia in Mining, Food, Pharmaceutical Industries

Saudi Arabia Boosts Strategic Partnership with Indonesia in Mining, Food, Pharmaceutical Industries

Minister of Industry and Mineral Resources Bandar Alkhorayef is leading a high-level delegation from the Kingdom’s industry and mining ecosystem on an official visit to Indonesia from April 15 to 17 to strengthen bilateral economic ties.
The visit aims to attract high-quality investments to the Kingdom and explore mutual investment opportunities in the mining sector and various industrial fields, particularly food, pharmaceuticals, and auto parts, aligning with the objectives of the Kingdom Vision 2030 to diversify the economy and position the Kingdom as a leading global industrial power, SPA reported.
The delegation will participate in high-level strategic meetings with senior government officials from various Indonesian ministries and will also meet with leaders of major Indonesian companies in mining, food, pharmaceutical, and other strategic industrial sectors.

Key meetings in Jakarta will include sessions with the minister of energy and mineral resources and the minister of industry, in addition to discussions with private sector leaders such as the CEO of PT Vale and the chairman of BioPharma.
Indonesia is considered a strategic partner for the Kingdom in Southeast Asia. By the end of 2023, bilateral trade between the two countries reached SAR22.5 billion, with Saudi exports amounting to SAR15 billion and Indonesian imports totaling over SAR7.5 billion.

These figures reflect the strength of economic relations and the mutual interest in expanding areas of cooperation and capitalizing on available opportunities in key sectors. Globally, Indonesia’s exports reached approximately SAR814 billion in 2024, marking a 1.3% annual increase.
Alkhorayef’s visit sets the stage for a new phase in bilateral relations, with both sides focused on building a long-term strategic partnership that supports their local economies and enhances economic integration between the two nations.