South Korea to hold FTA talks with GCC nations

South Korea’s Ministry of Trade, Industry, and Energy said on Sunday that the country’s top negotiators and the Gulf Cooperation Council (GCC) will hold a meeting from December 11 to 13 in the Saudi capital, Riyadh, to conclude a free trade agreement between the two sides.

The meeting will be attended by Trade Ministry Free Trade Agreement negotiator Jang Song-kil on the South Korean side and Senior Economic Adviser Raja al-Marzouqi on the Saudi Ministry of Economy and Planning on the Gulf Cooperation Council side.

The South Korean government is seeking to continue negotiations to make tangible progress towards a free trade agreement with the Gulf Cooperation Council based on the principles of mutual understanding and balanced mutual benefit.

“The South Korean Free Trade Agreement and the Gulf Cooperation Council are expected to provide new opportunities to sustain our export growth and enhance the stability of supply chains amid growing global economic instability due to protectionism and restructuring of global supply chains,” South Korea’s Ministry of Trade, Industry, and Energy said.

The Gulf Cooperation Council accounts for about 80% of South Korea’s trade with the Middle East. About 70% of South Korea’s total crude oil imports come from the Gulf Cooperation Council region.