Jakarta, Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), and Dr. Zulkifli Hasan, Minister of Trade of Indonesia, signed a joint statement to launch negotiations for a Free Trade Agreement (FTA) between the GCC countries and Indonesia in a ceremony held in Indonesia.

The two sides affirmed the importance of increasing cooperation to enhance economic relations in a way that serves common interests.

Both sides highlighted that the signing of the joint statement would provide a valuable foundation for expanding trade and investment and achieving greater cooperation between the two parties. They noted that it also frames the legislation, laws and procedures that govern investments between the two sides and sets mechanisms for their implementation and provides new job opportunities.

The Secretary General said that the signing of the joint statement comes in line with the directives of the leaders of the GCC countries to strengthen their relations with international partners. He
noted that Indonesia is a priority for the Cooperation Council in the FTA negotiations, reflecting the desire of both sides to enhance their distinguished relations, particularly in the economic realm.

Albudaiwi pointed out that the FTA will serve as an important platform for achieving the economic visions of the GCC countries and their strategic plans for economic diversification. He added that the first round of negotiations will begin in 2024 and is expected to conclude within 24 months, as agreed upon by both sides.

Source: Bahrain News Agency