S.Korea, Saudi Arabia Discuss Ways To Expand Trade, Investment

(MENAFN- Kuwait News Agency (KUNA)) TOKYO, July 30 (KUNA ) -- South Korea and Saudi Arabia discussed on Tuesday ways to broaden economic exchanges pledging to work closely toward the prompt implementation of a free trade pact between Seoul and the Gulf Cooperation Council (GCC), Yonhap News Agency reported Tuesday,
This came during a meeting between S. Korea's Industry Minister Ahn Duk-geun and his Saudi counterpart, Majid bin Abdullah Al-Kassabi, in Seoul to follow up on the agenda discussed during bilateral summits held in 2022 and 2023, according to the Ministry of Trade, Industry and Energy.
During the meeting, the two ministers shared the consensus that the recently concluded free trade agreement (FTA) between South Korea and the GCC has paved the way to solidify bilateral cooperation and vowed to expedite efforts to implement the deal.
The agreement with the GCC, which consists of six countries - the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait - was struck in late 2023.
To be fully implemented, the treaty still requires the completion of certain procedures, including parliamentary ratification and an official signing ceremony.
"To expedite the legal review process of both parties, we ask for (Saudi Arabia's) support as a member of the GCC," Ahn said during the meeting.
On the sidelines of the event, the two countries also hosted the Saudi Arabia-Korea Business Forum, inviting companies from both nations to bolster cooperation in a wide array of areas, ranging from health care and food to entertainment.
"The FTA between South Korea and the GCC is expected to diversify trade to cover areas such as medical instruments, cosmetics and food," Trade Minister Cheong In-kyo said. "It will also vitalize exchanges in the service sector, including movies and medical services." (end)
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