Gulf Cooperation Council signs Free Trade Agreement with South Korea

GCC signs historic free trade agreement with South Korea to boost trade and investment ties globally.

The Gulf Cooperation Council (GCC) signed a free trade agreement with South Korea, a statement released by the GCC said on December 28.

GCC Secretary General Jasem al-Budaiwi said in the statement that the agreement is "a historic step towards achieving Gulf economic integration and towards strengthening economic and trade relations between the two sides."

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Boosting trade and investment ties globally forms a key element of the Gulf states’ strategy to diversify income sources and economic sectors away from oil and gas.

The FTA with South Korea covers trade in goods, services, government procurement, as well as cooperation among Small and Medium-sized Enterprises (SMEs), customs procedures, intellectual property, among others, the statement said.

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