| 28 September 2022, Wednesday |

South Korea, GCC expect free trade deal in light of negotiations

South Korea and the Gulf Cooperation Council agreed on Wednesday to begin free trade talks, with an agreement expected within six months after the first round of talks.

During a meeting between South Korean Trade, Industry, and Energy Minister Moon Sung-wook and GCC Secretary-General Nayef Al Hajraf, both sides emphasized the significance of “opening broad opportunities for trade and industrial cooperation.”

According to a statement published by the council, both leaders highlighted the issues confronting GCC nations, which urged them to minimize reliance on oil profits, increase non-oil revenues, and focus on renewable and clean energy.

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.

  • Arab News