RIYADH — Secretary-General of the Gulf Cooperation Council (GCC) for Arab States Dr. Nayef Falah Mubarak Al Hajraf has stressed that the free trade agreement (FTA) will open wider scopes of commercial and industrial cooperation between GCC states and the Republic of Korea.

Dr. Al Hajraf made the remarks during a meeting with Korea’s Trade, Industry and Energy Minister Moon Sungwook, in the presence of and head of GCC negotiations team Abdulrahman Ahmed Al Harbi at Prince Saud Al-Faisal Convention Center in Riyadh on Wednesday. The two sides signed reference conditions and a joint statement.

The meeting also discussed the latest developments regarding the signing of a FTA between GCC countries and the Republic of Korea and the challenges facing GCC countries, which push them to reduce reliance on oil revenue and enhance non-oil revenue and focus on renewable and clean energy, among other fields that will contribute to enhancing cooperation economically and commercially.

Dr. Al Hajraf stressed the importance of investing promising opportunities between GCC countries and the Republic of Korea to make a qualitative leap in the history of commercial and industrial cooperation in a way that serves joint interests, in implementation of directives of the GCC leaders.

The joint statement stressed both sides’ endeavors to reach a final agreement within six months of the first phase of negotiations, expecting the FTA to play a role in further enhancing the solid economic relations and boosting the strategic partnership between the two sides.

It also noted that the FTA will be ambitious and comprehensive and contribute to enhancing economic growth and creating jobs through enhancing the trade of goods and services and other fields that can benefit both sides.

The statement also stressed the significance of providing an open commercial environment, due to the repercussions of the coronavirus pandemic, based on global trade rules that can play a role in enhancing growth and prosperity for both sides. — SPA