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South Korea and “Gulf Cooperation” resume free trade talks

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South Korea and the Gulf Cooperation Council will hold a new round of free trade negotiations tomorrow.
South Korea’s “Yonhap” agency quoted the Ministry of Commerce, Industry and Energy in Seoul as saying Sunday that the fourth round of negotiations on the free trade agreement between South Korea and the Gulf Cooperation Council is scheduled for March. 28 to 31 in Seoul. .

According to data from the agency, the six GCC countries, namely Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Oman and Bahrain, supply South Korea with 59.8% of its crude oil imports.

South Korea and the GCC countries agreed in 2007 to negotiate a free trade agreement. The two sides held 3 rounds of negotiations until 2009, but the negotiations have since failed.

The resumption of negotiations comes after South Korean President Moon Jae-in paid an official visit to Saudi Arabia last year, and Korean Commerce Minister Yoo Han-koo and Secretary-General of the Gulf Cooperation Council, Nayef Al-Hajraf, agreed in January to resume negotiations. between the two sides.

The fourth round of negotiations is expected to be attended by the FTA negotiator at the South Korean Ministry, Lee Kyung-sik, as the representative of the South Korean side, and the head of the Gulf negotiating team, Abdul Rahman bin Ahmed Al-Harbi. , as a representative of the South Korean side. the representative of the Cooperation Council.

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