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RIYADH: Economic relations between the Gulf Cooperation Council countries and Singapore received a boost following a meeting between officials from the two sides in Riyadh that discussed ways to enhance cooperation in several areas of interest.
GCC Secretary-General Jasem Al-Budaiwi met with Singapore Ambassador Wen Zhao Ming in the Saudi capital to promote and strengthen multilateral trade relations, the Saudi Press Agency reported.
Al-Budaiwi stressed that the GCC countries have distinguished relations with Singapore, especially in the economic, trade, and investment fields.
Reiterating the latest developments on the free trade agreement signed between the two sides in 2008, the GCC official stressed the need to bolster ties between the GCC and the Association of Southeast Asian Nations, of which Singapore is a member.
The agreement covers issues related to trade, rules of origin, customer procedures, services, and government procedures.
The treaty allows GCC goods duty-free access to the Singapore market while allowing the Asian country’s domestic exports to the Gulf on a tariff-free concession. Key GCC sectors benefiting from the FTA include petrochemicals, jewelry, machinery, and iron and steel-related industry.
In June 2023, Al-Budaiwi also held a meeting with Malaysia’s deputy minister of foreign affairs in Riyadh.
During the meeting, the official discussed the importance of strengthening cooperation relations between GCC nations and Malaysia by raising the level of strategic dialogue between both parties.
The GCC is getting closer to signing a free trade agreement with the UK after the completion of the fourth round of negotiations last month.
The agreement between GCC countries and the UK is set to push commerce between the two parties by 16 percent, highlighting a substantial economic opportunity for both sides.
Hosted in London, the fourth round of negotiations took place from July 17-28 with in-person and virtual attendees. The fifth round is set to be hosted by the GCC later this year.
Both parties have participated in 44 meetings including 23 technical talks around policy issues thus far.