Today: 7 October 2025
27 March 2022
2 mins read

S.Korea, GCC to resume FTA talks after 13 yrs

South Korea and a group of Arab countries will resume talks for their free trade deal this week after a 13-year hiatus in a move to forge deeper economic ties, Seoul’s Industry Ministry said on Sunday…reports Asian Lite News

South Korea and the Gulf Cooperation Council (GCC) will begin the fourth round of official talks for a bilateral free trade agreement (FTA) in Seoul on Monday for a four-day run, according to the Ministry of Trade, Industry and Energy.

The GCC involves six countries: the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait, reports Yonhap News Agency.

ALSO READ: UAE discusses cooperation with Indonesia, South Korea

South Korea and the GCC agreed to push for a trade agreement in 2007 and had three rounds of talks between 2008 and 2009. But the negotiations have since stalled after the council announced the suspension in 2010.

“The Gulf region is a crucial market for South Korea given its population, income and growth potential. A free trade deal with the resources-rich GCC nations will not only serve as a chance to boost trade, investment and overall economic cooperation but also help ensure our stable supply chains,” the Ministry said.

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

Moon, Yoon to hold talks

Outgoing South Korean President Moon Jae-in and his successor Yoon Suk-yeol will hold their first meeting on Monday, their aides said on Sunday.

The two are set to hold a dinner meeting at the Sangchunje guest house on Monday, 19 days after Yoon was elected Moon’s successor, Cheong Wa Dae spokesperson Park Kyung-mee and the President-elect’s spokesperson Kim Eun-hye said in separate press briefings.

Moon and Yoon will be accompanied by Presidential Chief of Staff Yoo Young-min and the latter’s top aide, Rep. Chang Je-won, reports Yonhap News Agency.

The decision on their meeting was finalised after Moon offered to meet Yoon at the “earliest possible” date, while the latter expressed his hope to meet without any agenda and engage in “candid” dialogue, according to the briefings.

Their meeting comes amid controversies over some of Yoon’s plans, including a push for the relocation of the presidential office to the Defense Ministry compound.

Previous Story

Yemen’s Houthi rebels announce 3-day ceasefire with Saudi-led coalition

Next Story

UN Chief condemns attacks on civilian facilities in Saudi, Yemen

Latest from -Top News

OCTOBER 7: Stop the Violence Now, Says Guterres

Guterres recalled that “the attackers brutally killed more than 1,250 Israelis and foreign nationals….reports Asian Lite News UN Secretary-General Antonio Guterres urged an immediate halt to the violence in Gaza, Israel, and

Piyush Goyal Heads to Doha for Trade Talks

During the visit, both sides are expected to discuss the proposed India–Qatar Free Trade Agreement (FTA)….reports Asian Lite News Union Commerce and Industry Minister Piyush Goyal will travel to Doha, Qatar, on

Hamas Heads to Egypt for Gaza Talks

The negotiation will focus on the details of enacting the first phase of the plan…reports Asian Lite News A delegation from the Palestinian group Hamas arrived in Egypt on Sunday ahead of

Multi-alignment, upgraded

With US ties strained and China tense, New Delhi taps Europe’s harder edge for co-development, clean tech and strategic autonomy, writes Manoj Menon India is recalibrating its great-power hedging as frictions with
Go toTop

Don't Miss

UN monitoring mission calls for civilian protection in Yemen’s Hodeidah

A UN monitoring mission has called on Yemen’s warring factions

Iran vows to continue enhancing missile power

Iran will continue its development of missile power to deter