30 Jul 2024
RIYADH: Trade ties in light of the free trade agreement between the Gulf Cooperation Council and South Korea were discussed when a leading Saudi minister met the East Asian country’s prime minister.
As part of his three-day visit to the republic, Saudi Minister of Commerce Majid Al-Qasabi held talks with Han Duck-soo in Seoul.
An FTA between South Korea and the GCC was signed in December 2023, with the East Asian nation agreeing to remove tariffs on almost 90 percent of all items, including liquefied natural gas and other petroleum products.
GCC countries agreed to abolish levies on more than 76 percent of products across 18 chapters
Discussing the meeting with the Korean prime minister in a post on his X account, Al-Qasabi said: “We discussed the progress made in the negotiations of the Free Trade Agreement between Korea and the Gulf Cooperation Council countries, as well as promising partnership opportunities at both the governmental and private levels.”
The Saudi commerce minister has traveled to South Korea as part of a delegation featuring representatives from 10 government entities and 55 senior business leaders and executives from major national companies.
Taking place from July 29 to 31, the visit’s objectives include facilitating greater economic activities between the Kingdom and the East Asian country, as well exploring promising opportunities for collaboration.
A key part of the assemblage is participating in the Saudi-Korean Business Forum, which allows both nations to discuss and expand partnerships. Enhancing trade exchange between the two countries remains a primary goal of this delegation.
According to the ministry’s data, cumulative trade between the two nations reached SR554 billion ($147.6 billion) between 2019 and 2023, with the annual value of commerce increasing from SR93.6 billion to SR129.8 billion over the period.
During the visit, the Korean Minister of Small and Medium-Sized Enterprises and Startups Oh Young-ju met with Al-Qasabi and other delegation members to discuss establishing a policy consultative body.
The Korean ministry discussed the outcomes of bilateral cooperation with the Saudi ministry, focusing on SMEs and startups, aiming to explore pathways for joint growth and collaboration, according to Yonhap News Agency.
“We reviewed the economic reforms in Saudi Arabia, explored partnership opportunities in emerging fields, and discussed business incubator programs and innovation centers,” Al-Qasabi said.