SEOUL — In a significant move toward bolstering economic relations, Jasem Albudaiwi, Secretary-General of the Gulf Cooperation Council (GCC), and Ahn Dukgeung, South Korea's Minister of Trade, have inked a Free Trade Agreement (FTA). This agreement marks a historic milestone in Gulf economic integration and reinforces the economic and trade bonds between the GCC and South Korea.
Albudaiwi stressed that this FTA is part of the GCC's broader strategy to strengthen economic ties with global partners. He emphasized that the agreement is not just a trade pact but a comprehensive framework encompassing 18 chapters. These chapters cover diverse areas such as trade in goods and services, government procurement, digital trade, support for small and medium-sized enterprises, customs procedures, intellectual property rights, and other areas of mutual interest.
The agreement is poised to significantly boost bilateral trade and support economic diversification efforts in both the GCC member countries and South Korea. It is expected to open new avenues for trade in goods and services, fostering a more dynamic economic relationship.
This FTA with South Korea marks the second such agreement the GCC has signed in 2023, following a similar pact with Pakistan earlier in the year. These successive agreements underscore the GCC's growing economic influence and attractiveness as a trading partner on the global stage.
Albudaiwi took the opportunity to express gratitude to the chief negotiators and the technical teams from both sides. Their diligent efforts over numerous rounds of negotiations have culminated in this landmark agreement.
In his closing remarks, Albudaiwi expressed optimism about the future of Gulf cooperation and the potential for more such achievements, "We look forward to continuing these excellent efforts to achieve further milestones in our joint Gulf initiatives."
This FTA marks a new chapter in the GCC's global economic engagement, signifying its commitment to expanding its trade horizons and reinforcing its position as a key player in international trade. — SG
