- Korea and GCC hold 7th round of FTA negotiations 2023-02-15
The Ministry of Trade, Industry and Energy (MOTIE) is heading the Korean delegation for the seventh round of the Korea-GCC (Gulf Cooperation Council) Free Trade Agreement (FTA) official negotiations held through February 14-16 in Riyadh, Saudi Arabia.
Led by chief negotiator Kwon Hye-jin of MOTIE, the Korean delegation consists of approximately 30 representatives of relevant ministries, including the Ministry of Economy and Finance (MOEF), Ministry of Oceans and Fisheries (MOF) and the Ministry of Health and Welfare (MOHW). The GCC delegation is composed of approximately 40 persons representing the six GCC member states and the GCC Secretariat.
Korea and the GCC announced their return to the negotiation table in January 2022, which was followed by three official negotiation rounds and an intersessional meeting for extensive discussions on the agreement document.
The currently ongoing seventh round of negotiations covers issues regarding trade rules and promising areas of collaboration, opening of markets for products and services, improving trade environment conditions, intellectual property rights and digital.
Delegation Head and FTA chief negotiator Kwon Hye-jin remarked that “recent success of summit diplomacy with Saudi Arabia and UAE is spreading over the entire Middle Eastern region, and further cooperation outcomes are anticipated in various areas like energy, infrastructure and new industries.”
She added that the delegation will strive to make sure the Korea-GCC FTA negotiations can contribute to advancing the mutual benefits and interests of the partnership based on future-oriented cooperative relations.