https://arab.news/pdu88
- Discussions covered trade, investment, rules of origin, and sanitary and phytosanitary measures
- GCC signed deal with Indonesia to initiate negotiations on an FTA
RIYADH: The first round of negotiations for a free trade agreement between the Gulf Cooperation Council countries and Turkiye concluded with a positive atmosphere.
The discussions, which took place in Ankara from July 29 to 31, involved significant participation from Saudi Arabia, represented by the General Authority for Foreign Trade, along with nine other government entities.
The discussions covered a range of topics, including trade in goods and services, investment, rules of origin, technical barriers to trade, and sanitary and phytosanitary measures, the Saudi Press Agency reported.
This initial round aimed to establish the principles and foundations guiding future discussions on these topics and the parties sought to set a framework for upcoming negotiation rounds.
“The first round of negotiations was characterized by positivity, with high flexibility from all parties, recognizing the importance of concluding the agreement at the target time to increase the level of integration between all parties,” said the SPA report.
The round came after years of mending economic ties between the two parties and following the signing of a joint statement to initiate the free trade pact in March.
The GCC has been actively engaging with neighboring countries to increase regional trade and strengthen relations.
On July 31, the GCC signed a deal with Indonesia to initiate negotiations on an FTA to expand trade, enhance investment, and create new job opportunities by establishing clear legislative frameworks.
Jasem Al-Budaiwi, secretary-general of the GCC, said: “The Republic of Indonesia is one of the GCC’s priorities in free trade agreement negotiations, reflecting both sides’ desire to enhance their existing special, particularly economic, relations.”
He added: “The free trade agreement between the GCC and the Republic of Indonesia will also serve as an important platform for achieving the GCC countries’ economic visions and strategic plans for diversification.”
The official confirmed that the first round of negotiations for the FTA between the GCC and Indonesia will begin this year and conclude within 24 months.
Farid Al-Asali, deputy governor of the General Authority for Foreign Trade for International Organizations and Agreements and head of the Saudi negotiating team, emphasized the importance of the talks with Turkiye.
He said these discussions facilitate consensus and aim to reach a fair and appropriate FTA for all parties involved.
Al-Asali also highlighted Saudi Arabia’s commitment to establishing and developing FTAs in cooperation with the GCC countries, recognizing their significant impact as a crucial tool for achieving economic integration among the regional states, diversifying their economies, and enhancing their competitiveness.
The Saudi delegation included representatives from several key ministries and organizations. These included the ministries of energy, investment, and environment, water, and agriculture.
The ministries of industry and mineral resources and economy and planning, and the Saudi Food and Drug Authority were also represented.
Other participants came from the Zakat, Tax and Customs Authority, the Saudi Standards, Metrology and Quality Organization, and the Saudi Export Development Authority.