Arab News, Thursday, Jan 20, 2022 | Jamada Al-Aakhirah 17, 1443
South Korea, GCC expect free trade deal within 6 months as negotiations resume
Saudi Arabia:
South Korea and the Gulf Cooperation Council
agreed on Wednesday to resume free trade, with an agreement expected to be
reached within six months from the date of the first round of negotiations.
During a meeting
between South Korean Minister of Trade, Industry and Energy Moon Sung-wook and
GCC Secretary-General Nayef Al Hajraf, both parties stressed the importance of
“opening wide prospects for trade and industrial cooperation.”
Both men discussed
the challenges facing GCC countries, which prompted them to reduce dependence on
oil incomes, enhance non-oil revenues and focus on renewable and clean energy,
according to a statement issued by the council.
The free trade agreement between the two sides is expected to “contribute to
strengthening the solid economic relations and strengthening the strategic
partnership between us,” the statement added.