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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 Firm Manara May Invest in Pakistan's Reko Diq Mine

Trucks working in a mineral mine (Saudi Public Investment Fund)
Trucks working in a mineral mine (Saudi Public Investment Fund)
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Saudi Firm Manara May Invest in Pakistan's Reko Diq Mine

Trucks working in a mineral mine (Saudi Public Investment Fund)
Trucks working in a mineral mine (Saudi Public Investment Fund)

Saudi Arabian mining company Manara Minerals could invest in Pakistan's Reko Diq mine in the next two quarters, Pakistani Petroleum Minister Musadik Malik said on Tuesday.

Manara, a joint venture between state-controlled miner Ma'aden and the $925-billion Public Investment Fund (PIF), was set up as part of the Kingdom's efforts to diversify its economy away from oil, including by buying minority stakes in assets overseas.

“I'm very hopeful that in the next quarter or two we will have very big announcements,” Malik said on the sidelines of the Future Minerals Forum in Riyadh, adding they would be copper-related.

“So we're very hopeful that this year, we will make some big announcements, both in the way of Reko Diq, but hopefully also” in mines around it, he added.

Asked if Manara would be involved, Malik said, “why not, of course.”

Executives from Manara visited Pakistan in May last year for talks about buying a stake in the Reko Diq mine, considered one of the world's largest underdeveloped cooper-gold areas by global mining company Barrick Gold, which owns the project jointly with Pakistan.

Manara's then-acting chief executive Robert Wilt, now CEO of Ma'aden, told Reuters that a stake in Reko Diq was among several opportunities the company was evaluating.