SEOUL - South Korea is set to engage in crucial discussions with the member states of the Gulf Cooperation Council (GCC) in Saudi Arabia this week, aiming to resolve key differences and establish a free trade agreement. This announcement was made by South Korea's Ministry of Trade, Industry and Energy on Sunday.
According to Yonhap News Agency, The negotiation talks, led by Chang Sung-gil, South Korea's director general for free trade agreement negotiations, and Raja Al-Marzouqi, Saudi chief economic adviser and head of the GCC's negotiating team, are scheduled to commence in Riyadh for a three-day session starting Monday. This meeting signifies a continued effort to forge a significant trade partnership between South Korea and the GCC, which includes the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait.
"The South Korea-GCC Free Trade Agreement is expected to offer new opportunities for maintaining our export growth and enhancing supply chain stability amid increasing global economic instability due to protectionism and the restructuring of global supply chains," the ministry stated.
These talks follow the eighth round of negotiations held in Seoul in October, marking the revival of discussions that had been on hold since 2010. The FTA negotiations between South Korea and the GCC initially began in 2007.
The significance of the GCC nations to South Korea's economy is substantial, as they account for 80 percent of the country's trade with the Middle East and provide 70 percent of its total crude oil imports. The potential free trade agreement is seen as a strategic move to bolster economic ties and ensure a stable supply chain for South Korea in a rapidly changing global economic landscape.