'New Middle East Boom' Accelerates... Korea-GCC Discuss Expanding Economic Cooperation Plans

Director General for International Trade Negotiations Holds Meeting with GCC Ambassadors in Korea

Jung In-kyo, Head of the Trade Negotiation Headquarters at the Ministry of Trade, Industry and Energy, held a luncheon meeting with the Gulf Cooperation Council (GCC) ambassadors to Korea at the Four Seasons Hotel in Seoul on the 5th to discuss ways to expand economic cooperation through the Korea-GCC Free Trade Agreement (FTA), which was abruptly concluded at the end of last year.

The GCC is an economic cooperation organization in the form of a customs union among six countries: Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, and Oman.

Jung In-kyo, Director General for Trade Negotiations, Ministry of Trade, Industry and Energy. (File photo)

At the meeting, Head Jung said, "Cooperation between us and the GCC countries is expanding from traditional energy and construction sectors to recent fields such as manufacturing, defense, medical, and content industries," adding, "Through the Korea-GCC FTA, whose negotiation was declared concluded at the end of last year, we expect the areas of mutual cooperation to not only expand but also deepen."

He continued, "I ask the GCC to take special interest in swiftly and smoothly carrying out the formal signing and ratification procedures so that the benefits of the Korea-GCC FTA can be enjoyed by the people and companies on both sides as soon as possible."

According to the Ministry of Trade, Industry and Energy, the GCC ambassadors to Korea who attended the meeting also agreed that the Korea-GCC FTA will be an important milestone in bilateral relations, expressing hope that the FTA will serve as an opportunity to enhance cooperation and exchanges not only at the government level but also in the private sector, thereby building a special trust relationship between Korea and the GCC.

As of 2023, the GCC is Korea's fifth-largest trading partner with a trade volume of approximately $91.4 billion, following China, ASEAN, the United States, and the European Union (EU). The Ministry expects that once the Korea-GCC FTA comes into effect, exports will increase not only in major export items such as automobiles, parts, and machinery but also in promising items like cosmetics and medical devices, as well as in the agricultural, livestock, and fisheries sectors due to tariff eliminations. Furthermore, cooperation between the two sides in future promising fields such as energy resources, bioeconomy, advanced industries, smart farms, healthcare, and audiovisual services is also expected to be further solidified through the Korea-GCC FTA cooperation provisions.

This content was produced with the assistance of AI translation services.