SEOUL: The Gulf Cooperation Council (GCC) countries and the Republic of Korea signed a Free Trade Agreement. His Excellency Jassim Mohammed al Bedaiwi, the Secretary-General of the GCC, signed on behalf of the GCC countries, while His Excellency An Duk Gyeon, the Minister of Trade, signed on behalf of the Republic of Korea.
Jassim Mohammed al Bedaiwi stated that the Free Trade Agreements are in line with the directives of the Majesties and Highnesses, the leaders of the GCC countries, to enhance the economic relations of the GCC with other countries and international blocs, and to achieve common trade and investment interests.
He added that the signing of the Free Trade Agreement between the Gulf Cooperation Council and the Republic of South Korea is a historic step towards achieving Gulf economic integration and enhancing economic and trade relations between the two sides. He mentioned that this signing is the result of five rounds of negotiations, reflecting the genuine desire to strengthen the strategic partnership and economic cooperation between the two parties. It is expected that this agreement will contribute to increasing bilateral trade volume, enhancing trade exchange in goods and services between the two parties, and boosting economic diversification plans in the Gulf countries and South Korea.
He emphasized that the agreement includes 18 chapters covering trade in goods, services, government procurement, digital trade, cooperation in the small and medium-sized enterprises sector, customs procedures, intellectual property, and other chapters and topics of mutual interest.
It is worth noting that this agreement is the second one signed by the Gulf Cooperation Council with its trading partners worldwide during the current year, following the announcement of a similar agreement with the Islamic Republic of Pakistan in September.
Oman Observer is now on the WhatsApp channel. Click here
