SEOUL - South Korea and a consortium of Arab countries are prepared to commence another round of talks for their bilateral Free Trade Agreement (FTA) in Seoul, scheduled for Monday.
According to a new release by Yonhap News Agency, Industry and Energy, this marks the eighth round of formal negotiations between South Korea and the Gulf Cooperation Council (GCC), slated to last through Friday.
The GCC is composed of six countries: the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait. In these discussions, both parties are expected to cover a wide array of topics including trading of goods and services, enhancing trade conditions, and trade remedies.
If the FTA is finalized, it would enable South Korea to diversify its energy sources and fortify its trade relationships with these oil-rich nations, according to the ministry.