Gulf Cooperation Council signs Free Trade Agreement with South Korea

HH Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates attends the 44th session of the Supreme Council of the Gulf Cooperation Council (GCC), in Doha, Qatar, December 5, 2023. | Photo Credit: Reuters

The Gulf Cooperation Council (GCC) signed a free trade agreement with South Korea, a statement released by the GCC said on December 28.

GCC Secretary General Jasem al-Budaiwi said in the statement that the agreement is "a historic step towards achieving Gulf economic integration and towards strengthening economic and trade relations between the two sides."

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Boosting trade and investment ties globally forms a key element of the Gulf states’ strategy to diversify income sources and economic sectors away from oil and gas.

The FTA with South Korea covers trade in goods, services, government procurement, as well as cooperation among Small and Medium-sized Enterprises (SMEs), customs procedures, intellectual property, among others, the statement said.

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The GCC Secretariat appointed a lead trade negotiator in 2022 and has held new rounds of FTA talks with major trading partners over the last year, including with China and post-Brexit Britain.

Earlier this year, the GCC signed a free trade agreement with Pakistan.