Korea-GCC FTA preliminary talks to be held
Ministry of Foreign Affairs & Trade (Seoul) | November 19, 2007
Korea-GCC FTA Preliminary Talks to be Held
1. The Korea-GCC FTA preliminary talks will be held on November 21 at Riyadh, Saudi Arabia.
* The GCC (Gulf Cooperation Council) is an economic alliance on tariffs among the following member states: Saudi Arabia, Kuwait, the UAE, Bahrain, Oman and Qatar.
2. Both sides will observe each side’s interests and discuss the possibility of initiating FTA negotiations within the year 2008.
– Korea and the GCC agreed upon the need to pursue a Korea-GCC FTA during President Roh Moo-hyun’s visit to the Middle East in March 2007.
3. In 2006, the GCC was Korea’s 8th largest export market with exports amounting to USD 7.78 billion. The total amount of imports reached USD 54.07 billion, with petroleum and oil taking up 98% of the total imports (USD 52.74 billion)
– Korea imports 67% of its petroleum and 48% of its LNG from the GCC.
– Currently, the GCC is undergoing FTA negotiations with the EU, Japan, China and Australia.
4. The Korean delegation will be led by Choi Kyung-lim, the Deputy-General for FTA Policy, while the GCC will be led by Hamad Al-Bazai, the Deputy-Director of the GCC.
SPOKESPERSON OF MOFAT
*unofficial translation
