The sixth round of negotiations for a free trade agreement (FTA) between Gulf Cooperation Council (GCC) countries and the Republic of Korea concluded in Seoul. Head of the GCC negotiation technical team, Undersecretary of the Ministry of Industry and Mineral Resources for Industrial Development and Supervisor General of the Industrial Development Authority Eng. Al-Badr Foudah said that these negotiations aim at increasing commercial exchange for GCC countries and reaching preferential commercial relations with South Korea, which would contribute to diversifying the economy, opening wider scopes for trade in goods and services and encouraging mutual investment between parties of the agreement. GCC countries seek to enhance the status of the council, support its strategic relations with its partners across the world, stimulate economic, commercial and investment growth for GCC countries and support business sectors in GCC countries. GCC countries resumed FTA negotiations with South Korea on January 19, 2022 in light of the joint statement between the two sides after a stoppage of 13 years, where the two sides held three negotiation rounds during 2022.
