GCC, Seoul set to start FTA talks
Zawya (Dubai)
GCC, Seoul Set to Start FTA Talks
By M. Ghazanfar Ali Khan
RIYADH, 25 September 2007 — As part of an ambitious plan to widen economic cooperation, the six-nation Gulf Cooperation Council for the Arab States of the Gulf and South Korea are all set to start negotiations after Ramadan to implement a free trade agreement (FTA), South Korean Ambassador Lee Jae-gil said here yesterday. Lee expected the negotiations to "commence immediately", saying that it is high time to capitalize on the GCC nations’ strong economy.
He did not give the exact date of the FTA talks, but said that the signing of this agreement will greatly strengthen GCC-Korean ties.
"In fact, an FTA is also needed for Seoul to secure a stable supply of overseas energy resources, while it will help Korean companies better capitalize on the GCC market," said a report released on this occasion.
"In fact, Korea’s exports to the Middle East may fall by over $500 million a year if it lags behind its key export rivals such as China, the EU, the United States and Japan in the FTA competition," said the report.
Referring to the progressively growing commercial relations, Lee said that "the Saudi-Korean Joint Economic Commission meeting would be held in Seoul on Nov. 8-9."
This will be preceded by the departure of a Shoura Council delegation to South Korea on Nov. 4, he added.
The Shoura delegation will visit Seoul within the framework of the Saudi-South Korean Parliamentary Friendship Society, which has been established to promote cooperation in the filed of parliamentary affairs.
"The two countries have also agreed to work on an avoidance of dual taxation agreement to help boost bilateral economic cooperation," said the envoy. He pointed out that the two-way trade exceeded $23.5 billion in 2006, representing more than 42 percent increase compared to a year before.
