GCC reviews free trade talks with global partners

RIYADH: The Secretary-General of the Gulf Cooperation Council (GCC), Jasem Al-Budaiwi, held a virtual meeting on Sunday with the council’s negotiation team for free trade agreements to review the progress of talks with several countries.

The bloc has previously signed free trade agreements with many countries including New Zealand, Singapore, and EFTA countries. Negotiations are currently underway with several countries and trade groups, including the European Union, Japan, China, Korea, Australia, Pakistan, India, Turkey, and the Mercosur member countries (Argentina, Brazil, Paraguay and Uruguay).

The GCC Secretariat said in a statement that Al-Budaiwi listened to updates from the negotiation team on the advancements achieved so far, emphasizing the importance of continuing efforts to secure mutual benefits for the citizens of member states.

He urged the team to intensify their work to strengthen the GCC’s position as an active economic partner both regionally and internationally, while reaffirming the Secretariat’s support for the negotiation team’s efforts.

Al-Budaiwi also reiterated the vital role of free trade agreements in advancing economic integration among GCC countries and in expanding cooperation with the council’s international partners across various sectors.

Signing a free trade agreement (FTA) is typically a lengthy and complex process that can take years. It begins with a feasibility study and identifying the main themes of the agreement, followed by multiple negotiation rounds where parties exchange offers, discuss provisions, and work toward mutual settlements. Once a draft agreement is finalized, it undergoes legal review, is signed by the member states, and must be ratified by national legislatures before coming into effect.

FTAs offer several benefits for GCC member states, including reducing or eliminating customs duties to boost trade, increasing investment opportunities, protecting investors and service providers, supporting local companies’ growth and market access, guaranteeing intellectual property rights, and promoting fair competition in government procurement. These agreements are seen as a key tool for enhancing economic integration within the GCC and expanding international trade partnerships. — Agencies

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