Secretary-General of the Gulf Cooperation Council (GCC) Jassim Mohammad Al Budaiwi and Indonesia's Minister of Trade Dr. Zulkifli Hasan signed the joint statement to launch negotiations on the Indonesia-GCC Free Trade Agreement (I-GCC FTA).
Both sides emphasized the importance of increasing to enhancing economic relations to serve mutual interests.
The signing of the joint statement to start FTA negotiations will lead to an agreement that will provide valuable foundations for expanding trade and investment in addition to enhancing cooperation.
It would also frame the legislation, laws and procedures that govern investments between the two sides, set mechanisms for their implementation, and provide new job opportunities.
Al Budaiwi stated that the signing comes in the implementation of the directives of the GCC leaders to strengthen their relations with their international partners, as Indonesia represents one of the GCC's priorities in FTA negotiations.
The agreement will be a key platform to achieve the economic aspirations of the GCC countries and their strategic plans for economic diversification, he added.
GCC Secretary-General explained that the first round of negotiations on the I-GCC FTA will begin in 2024 and is set to end within 24 months, as agreed upon by the two sides.
