Saudi Arabia is taking part in the first round of negotiations for a free trade agreement (FTA) between the Gulf Cooperation Council (GCC) countries and Japan, reported the Saudi Press Agency (SPA).
The Saudi General Authority for Foreign Trade (GAFT), represented by the Deputy Governor for Agreements and International Organizations, Farid Al-Asali, is heading the Kingdom’s negotiating team at the first round of GCC-Japan FTA talks, held in Riyadh from December 10-12, 2024.
The Saudi negotiating team oversees and follows up the progress of trade negotiations to ensure they align with Saudi Arabia’s trade objectives and policies. The team also participates in trade negotiations to communicate the Kingdom’s positions.
The Saudi negotiating team includes 9 technical teams focused on goods; services; general texts and provisions; e-commerce; intellectual property; government procurement; rules of origin; investment; and economic evaluation.
These teams, which incorporate 46 governmental agencies, prepare and coordinate Saudi Arabia’s negotiating positions, as well as presentations on negotiations, initiatives, and proposals in the World Trade Organization (WTO) and free trade agreements. They also submit the necessary reports to the Saudi negotiating team.
In 2023, the trade exchange between Saudi Arabia and Japan reached around $41bn. The main Saudi exports to Japan included mineral and organic chemical products, while the main Japanese imports to Saudi Arabia included cars, machinery, mechanical tools and their spare parts.
GAFT plays a pivotal role in strengthening Saudi Arabia’s international trade benefits, increasing its global presence and its active participation in several international organizations. This aims to ensure the achievement of common goals and sustainable development.
