South Korea and Gulf Cooperation Council hold new round of FTA talks

South Korea’s Ministry of Commerce announced Sunday that South Korea and a group of Arab countries will hold another round of talks on a free trade agreement between them next week.

The ministry explained that South Korea and the Gulf Cooperation Council (GCC) will begin the sixth round of formal negotiations on a bilateral free trade agreement (FTA) in Seoul next Monday for a period of five days, noting that various issues will be raised. on the table during the next meeting, including This includes trade in goods and services, country of origin, digital commerce and intellectual property rights.

Earlier this year, South Korea and the Gulf Cooperation Council resumed FTA talks after a 13-year hiatus, and the two sides held two linked meetings in March and June respectively, at which the parties agreed to push for a free trade agreement in 2007. there were three rounds of talks between 2008 and 2009, but their talks stalled when the council announced they were suspended in 2010.

Trade between the two sides reached $46.6 billion in 2020, according to government figures.

Source: “Yonhap”