Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi has signed a joint statement to initiate GCC-Indonesia Free Trade Agreement (FTA) negotiations with Indonesian Minister of Trade Dr. Zulkifli Hasan in Jakarta, reported the Saudi Press Agency (SPA).
The signing ceremony was part of a general meeting between Albudaiwi and Hasan to boost the bilateral economic relations between the GCC and Indonesia.
Both officials emphasized that the joint statement is the corner stone of signing a Free Trade Agreement (FTA) between both of them.
The actual agreement will offer the following advantages:
- Providing valuable foundations for expanding trade and investment
- Achieving greater cooperation between the two sides
- Determining the legislation, laws and procedures that govern investments between the two sides
- Setting mechanisms for the implementation of these procedures
- Providing new job opportunities
“The Free Trade Agreement between the Cooperation Council and the Republic of Indonesia will also be an important platform for achieving the economic visions of the GCC countries and their strategic plans for economic diversification,” Albudaiwi said.
He also stressed that the first round of negotiations on the FTA between the GCC countries and Indonesia began in 2024 and will conclude within twenty-four months.
FTA between GCC and Turkey
Two days ago, Saudi Arabia’s General Authority of Foreign Trade (GAFT) led the Kingdom’s delegation participating in the first round of negotiations of the FTA between the GCC countries and Turkey.
The first round took place in Ankara from July 29 to 31 with the participation of GAFT Deputy Governor for International Organizations and Agreements and head of the Saudi negotiating team Farid bin Saeed Al-Asali.
Saudi Arabia’s negotiating team is currently following up on the progress of trade negotiations to ensure that the agreement is in line with the Kingdom’s trade objectives and policies.
Furthermore, the team is committed to stressing the Kingdom’s negotiating instance and coordinating with countries that have similar orientations in international trade.
The trade exchange between Saudi Arabia and Turkey increased to USD 7 billion in 2023. Plastics and metal products the most were the most prominent Saudi exported goods, while mechanical tools and their spare parts, and carpets were the most prominent Turkish goods imported by Saudi Arabia.
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