Trade Minister Yeo Han-koo and the Gulf Cooperation Council Secretary General Nayef Falah M. Al-Hajraf signed a joint statement on January 19 at the Secretariat General of the Gulf Cooperation Council in Riyadh, under which Korea and GCC will resume talks to settle a formal FTA deal, which had been on hold since last negotiations in 2009.

Minister Yeo noted the significance of this official declaration in view of global trade, which has currently been dampened from the COVID-19 pandemic as well as the spread of protectionism. The two sides are looking forward to holding the 1st round of resumed negotiations by H1 of 2022. 

※ The Gulf Cooperation Council is a regional, intergovernmental political and economic union that consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.