https://arab.news/9rqkc
- Deal is expected to strengthen economic ties by creating new opportunities for trade and investment
- Saudi delegation will be led by the General Authority of Foreign Trade
RIYADH: The Gulf Cooperation Council and Indonesia are set to begin the first round of negotiations for a free trade agreement in Jakarta, the Saudi Press Agency reported.
The talks, being held from Sept. 9-13, aim to lay the groundwork for a comprehensive trade agreement, focusing on enhancing economic cooperation between the bloc and the Southeast Asia nation.
Key areas of discussion will include trade in goods and services, investment, and customs procedures, as well as rules of origin, technical barriers, sanitary and phytosanitary measures, digital trade, and trade remedies.
The initial round seeks to set the principles for the agreement and then finalize it within 24 months. The negotiations will also address trade challenges, facilitate information exchange, and build mutual trust to pave the way for further discussions.
The discussions follow a joint statement signed in July by the GCC Secretariat and the Indonesian government, marking the formal start of the talks.
The potential agreement is expected to grant Gulf goods and services preferential access to the Indonesian market through tariff reductions, simplified customs processes, and streamlined regulations.
The Saudi delegation, led by the General Authority of Foreign Trade, includes representatives from the Ministries of Commerce, Energy, Investment, Environment, Water and Agriculture, and Industry and Mineral Resources. This team will ensure the negotiations align with Saudi trade objectives and policies.
The Saudi team is tasked with supervising the negotiations to ensure they align with the Kingdom’s trade objectives and policies while coordinating with countries that share similar trade interests.
This agreement is expected to strengthen economic ties between the GCC and Indonesia by creating new opportunities for trade and investment.