South Korea and a group of Arab countries will resume talks for their free trade deal this week after a 13-year hiatus in a move to forge deeper economic ties, Seoul’s Industry Ministry said on Sunday…reports Asian Lite News
South Korea and the Gulf Cooperation Council (GCC) will begin the fourth round of official talks for a bilateral free trade agreement (FTA) in Seoul on Monday for a four-day run, according to the Ministry of Trade, Industry and Energy.
The GCC involves six countries: the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait, reports Yonhap News Agency.
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South Korea and the GCC agreed to push for a trade agreement in 2007 and had three rounds of talks between 2008 and 2009. But the negotiations have since stalled after the council announced the suspension in 2010.
“The Gulf region is a crucial market for South Korea given its population, income and growth potential. A free trade deal with the resources-rich GCC nations will not only serve as a chance to boost trade, investment and overall economic cooperation but also help ensure our stable supply chains,” the Ministry said.
Trade volume between the two sides came to $46.6 billion in 2020, according to government data.
Moon, Yoon to hold talks
Outgoing South Korean President Moon Jae-in and his successor Yoon Suk-yeol will hold their first meeting on Monday, their aides said on Sunday.
The two are set to hold a dinner meeting at the Sangchunje guest house on Monday, 19 days after Yoon was elected Moon’s successor, Cheong Wa Dae spokesperson Park Kyung-mee and the President-elect’s spokesperson Kim Eun-hye said in separate press briefings.
Moon and Yoon will be accompanied by Presidential Chief of Staff Yoo Young-min and the latter’s top aide, Rep. Chang Je-won, reports Yonhap News Agency.
The decision on their meeting was finalised after Moon offered to meet Yoon at the “earliest possible” date, while the latter expressed his hope to meet without any agenda and engage in “candid” dialogue, according to the briefings.
Their meeting comes amid controversies over some of Yoon’s plans, including a push for the relocation of the presidential office to the Defense Ministry compound.