South Korea, GCC expect free trade deal within six months as negotiations resume

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DUBAI: South Korea and the Gulf Cooperation Council agreed on Wednesday to resume free trade, with an agreement expected to be reached within six months from the date of the first round of negotiations.

During a meeting between South Korean Minister of Trade, Industry and Energy Moon Sung-wook and GCC Secretary-General Nayef Al Hajraf, both parties stressed the importance of “opening wide prospects for trade and industrial cooperation.”

Both men discussed the challenges facing GCC countries, which prompted them to reduce dependence on oil incomes, enhance non-oil revenues and focus on renewable and clean energy, according to a statement issued by the council.

The free trade agreement between the two sides is expected to “contribute to strengthening the solid economic relations and strengthening the strategic partnership between us,” the statement added.

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