GCC inks free trade agreement with South Korea

The Gulf Cooperation Council (GCC) signed a free trade agreement with South Korea, a step toward achieving Gulf economic integration and strengthening economic and trade relations between the two sides.

GCC Secretary-General Jasem AlBudaiwi and South Korean Trade Minister Ahn Duk-geun signed a joint statement to conclude negotiations and reach a free trade agreement, according to a statement by the GCC.

AlBudaiwi said that the agreement aims to strengthen the GCC’s economic relations with other countries and international blocs and achieve common trade and investment interests.

The signing of the agreement, according to the Secretary-General, is the result of five rounds of negotiations that reflected the two sides' genuine desire to strengthen their strategic partnership and economic cooperation.

In addition, AlBudaiwi expects this agreement to contribute to increasing the volume of bilateral trade, bolstering trade exchange in goods and services between the two parties, and enhancing economic diversification plans in both countries.

The agreement has 18 chapters that cover trade in goods, services, government procurement, digital trade, SMEs cooperation, customs procedures, intellectual property, and other chapters and topics of mutual interest, AlBudaiwi said.