RIYADH: GCC Secretary Jasem Al-Budaiwi said on Thursday that the freshly crafted free trade agreement between the Gulf Cooperation Council and the Republic of South Korea would boost commercial exchanges between the two sides. The GCC said in a statement that Al-Budaiwi signed a joint statement with South Korean Trade Minister Ahn Duk Geun to conclude negotiations and reach a free trade agreement between the GCC and Seoul.

This agreement will contribute to an increasing volume of bilateral trade and commercial exchange in goods and services and enhance economic diversification between the GCC member states and South Korea, he said. According to the statement, Al-Budaiwi said that the signing came after over five rounds of negotiations and reflected the real common desire to strengthen the strategic partnership and economic cooperation between the two sides.

According to Al-Budaiwi, who was cited in the statement, the free trade agreements are a result of the GCC leaders’ directives to advance common trade and investment interests and strengthen the Cooperation Council’s economic ties with other nations and international blocs. He stated that the agreement included trade in goods and services, government procurement, digital trade, cooperation in the fields of small and medium enterprises, customs procedures, intellectual property, and other topics of common interest. — KUNA