Korea, Arab nations to hold new round of FTA talks

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Korea, Arab nations to hold new round of FTA talks

Published: 14 Feb. 2023, 09:55 Updated: 14 Feb. 2023, 10:18

The sixth free trade agreement negotiations between Korea and the Gulf Cooperation Council (GCC) take place at hotel in Seoul on Oct. 24, 2022. [MINISTRY OF TRADE, INDUSTRY AND ENERGY]

Korea and a group of Arab countries will hold a new round of negotiations for their free trade deal in Saudi Arabia this week, Seoul's trade ministry said Tuesday.

The seventh round of talks for a bilateral free trade agreement (FTA) between Korea and the Gulf Cooperation Council (GCC) will be held for a three-day run through Thursday, according to the Ministry of Trade, Industry and Energy.

The GCC consists of six countries — the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait.

The two sides will discuss various issues, including goods and services trading, ways to improve trade conditions, digital trade and intellectual property rights, the ministry said.

Korea and the GCC resumed FTA negotiations last year after a 13-year hiatus, with the last session taking place in Seoul in October.

The two sides agreed to push for a trade deal in 2007 and had three rounds of talks between 2008 and 2009. But their negotiations stalled as the council announced a suspension in 2010.

Trade volume between the two sides came to $46.6 billion, or 59.3 trillion won, in 2020, according to government data.

Yonhap