South Korea-GCC FTA Negotiations Concluded
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On December 28th in Seoul, a joint
declaration was signed during the South Korea-GCC Ministerial Meeting,
confirming the finalization of the South Korea-GCC FTA negotiations, with
Jassim Muhammad Al-Budaiwi, the Secretary-General of the GCC.
The South Korea-GCC FTA is South Korea's
25th FTA and the second one concluded after the Korea-UAE CEPA signed in
October with an Arab country.
South Korea primarily imports energy and
resource-related items, including oil, LNG, and aluminum, from the GCC. On the
other hand, it exports manufactured goods such as automobiles and parts,
machinery, and weapons.
To address concerns raised by Korean
businesses operating in the GCC regarding entry and stay conditions for
business purposes, the agreement aims to facilitate smoother business
activities for South Korean companies in the GCC by easing these conditions.
They agreed on intellectual property norms,
including copyrights, trademarks, and designs. Additionally, six cooperation
areas, including energy, bioeconomy, advanced industries, smart farms,
healthcare, and audiovisual services, adopted individual annexes outlining
detailed cooperation plans.
After declaring the South Korea-GCC FTA negotiation agreement, the government
plans to sign the agreement next year, followed by economic impact assessments
and parliamentary approvals for timely implementation. There are also
considerations for FTAs with neighboring Middle Eastern and African countries
within the GCC region.
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