GCC: Free Trade Agreement with South Korea is Historic Step for Gulf-Korean Economic Integration

Albudaiwi stated that free trade agreements are implemented following the directives of the leaders of the GCC. SPA
Albudaiwi stated that free trade agreements are implemented following the directives of the leaders of the GCC. SPA
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GCC: Free Trade Agreement with South Korea is Historic Step for Gulf-Korean Economic Integration

Albudaiwi stated that free trade agreements are implemented following the directives of the leaders of the GCC. SPA
Albudaiwi stated that free trade agreements are implemented following the directives of the leaders of the GCC. SPA

Secretary General of the Gulf Cooperation Council Jasem Mohamed Albudaiwi has stated that the signing of a free trade agreement between the GCC and South Korea is a historic step towards achieving economic integration and enhancing economic and trade relations between the two sides.

Albudaiwi made his remarks during the signing with South Korean Minister of Trade Ahn Dukgeung of the joint statement concluding the negotiations and reaching the Free Trade Agreement between the GCC and South Korea in Seoul.

Albudaiwi stated that free trade agreements are implemented following the directives of the leaders of the GCC, towards enhancing the economic relations of the GCC with other countries and international blocs and achieving joint trade and investment interests.

Albudaiwi also mentioned that the signing comes as a result of negotiations that lasted for five rounds, reflecting the mutual desire to enhance the strategic partnership and economic cooperation between the two sides.

He further added that this agreement is expected to contribute to increasing bilateral trade volume and enhancing trade in goods and services between the two parties, as well as promoting economic diversification plans in the Council member countries and South Korea.

He said the agreement included 18 chapters, covering trade in goods, services, government procurement, digital trade, cooperation in the field of small and medium-sized enterprises, customs procedures, intellectual property and other chapters and topics of mutual interest.



Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
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Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT

Gold dipped on Thursday as traders locked in profits after prices hit a record high, following a rush to safe-haven assets triggered by US President Donald Trump's aggressive import tariffs, which escalated the already intense global trade war.

Spot gold was down 0.4% at $3,122.1, as of 0710 GMT. Earlier in the session, bullion hit an all-time high of $3,167.57.

US gold futures fell 0.7% to $3,145.00.

Trump unveiled on Wednesday a 10% baseline tariff on all imports to the US, and higher duties on dozens of countries, including some of its biggest trading partners, deepening a trade war that has rattled global markets, Reuters said.

The reciprocal tariffs do not apply to certain goods, including gold, energy and "certain minerals that are not available in the US," according to a White House fact sheet.

One of the factors supporting gold was "the slowdown that tariffs are likely to cause the US economy, raising the prospects of future rate cuts," Capital.com's financial market analyst Kyle Rodda said.

The Trump administration confirmed that the 25% global car and truck tariffs will take effect on April 3, as planned, and duties on automotive parts imports will be launched on May 3.

Gold is in "a pure momentum trade, where bulls who were left for dust are agonizing on the side line, eager for even the smallest of dips, and until we see a volatile shakeout big enough to stun bulls and bears, the momentum trade could continue higher," said Matt Simpson, a senior analyst at City Index.

Gold, a hedge against political and financial instabilities, has surged more than 19% year-to-date, mainly driven by tariff jitters, rate- cut possibilities, geopolitical conflicts, and central bank buying.

"There's also some front running going on amongst traders who anticipate (Trump's) policies will drive central banks to park their reserves in gold rather than US dollar-denominated assets," Rodda said.

Market awaits US non-farm payrolls report due on Friday for clues into the Federal Reserve's policy path.

Spot silver slipped 2.8% to $33.07 an ounce, platinum fell 1.5% to $968.37, and palladium lost 1.4% to $956.50.