President Moon Meets with GCC Secretary-General... Discusses FTA

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] On the 19th (local time), President Moon Jae-in met with Nayef Al Hajraf, Secretary-General of the Gulf Cooperation Council (GCC).

The Gulf Cooperation Council is a regional cooperation organization consisting of six countries: Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Oman, and Bahrain, conducting economic and security cooperation activities among member states.

President Moon, during the meeting with the GCC Secretary-General, requested special attention and cooperation to strengthen the foundation of cooperation between Korea and the GCC in various fields such as hydrogen, medical, and bio, based on the traditional cooperative relationship that has continued between the two sides.

Secretary-General Nayef highly evaluated Korea's experience and technological capabilities in various fields such as manufacturing, renewable energy, and bio, and responded that he would work together with GCC member countries to further strengthen the cooperative relationship between the two sides.

Also, taking this opportunity of President Moon's Middle East tour, Korea and the GCC countries decided to resume negotiations on the 'Korea-GCC Free Trade Agreement (FTA)' which had been suspended for more than 10 years. The two countries plan to resume negotiations within the first quarter of this year, aiming to conclude the talks as soon as possible.

During the meeting, President Moon expressed his expectation that if the FTA is concluded, mutual benefits could be increased not only in goods but also in services, investment, intellectual property rights, and energy-technology cooperation in various fields. In response, Secretary-General Nayef said he would cooperate with GCC member countries to reach an agreement as soon as possible.

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