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S. Korea, Gulf Nations Agree to Resume FTA Talks after 12-Year Hiatus

Written: 2022-01-20 08:39:07Updated: 2022-01-20 10:15:14

S. Korea, Gulf Nations Agree to Resume FTA Talks after 12-Year Hiatus

Photo : YONHAP News

South Korea and six Middle Eastern countries have agreed to resume talks for a free trade agreement after a 12-year hiatus. 

Minister for Trade Yeo Han-koo and Gulf Cooperation Council(GCC) Secretary-General Nayef bin Falah Al-Hajraf announced the resumption of FTA talks on Wednesday in Riyadh. 

The agreement was reached when President Moon Jae-in met with the GCC chief at a hotel in the capital city of Saudi Arabia.

The GCC comprises six Arab countries - the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait.

South Korea and GCC launched FTA talks in 2007 and held three rounds of official negotiations until 2009, but the talks stalled when the GCC announced a suspension in January 2010.

The Ministry of Trade, Industry and Energy said if the nation signs a FTA deal with the resource-rich GCC, it will help establish a stable supply network for South Korea amid a global supply shortage.

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