First Round Of GCC-Indonesia Free Trade Agreement Negotiations Wraps Up

The initial round of free trade agreement negotiations between the Gulf Cooperation Council (GCC) countries and Indonesia concluded in Jakarta from September 9 to 13. The Kingdom, represented by the General Authority of Foreign Trade and 11 other government agencies, participated in these discussions.

The negotiations covered various topics, including trade in goods and services, investment, customs procedures, rules of origin, technical barriers to trade, sanitary and phytosanitary measures, trade facilitation, digital trade, and trade remedies. These discussions aimed to establish principles for future negotiations and create a framework for upcoming rounds. The goal is to finalise the agreement within 24 months.

Farid bin Saeed Al-Asali, Deputy Governor of the General Authority of Foreign Trade for International Organizations and Agreements and Head of the Saudi negotiating team, expressed optimism about the successful conclusion of the first round. He stated that this reflects a joint determination to strengthen economic and trade relations between the GCC countries and Indonesia. "This is a significant step towards building a robust strategic partnership," he said.

Al-Asali also indicated confidence in future negotiation rounds making remarkable progress due to all parties' commitment. He believes this will lead to an agreement that guarantees further trade and investment opportunities between both sides. This would contribute to mutual economic growth and prosperity while aligning with both sides' economic visions.

The Kingdom's delegation was led by the General Authority of Foreign Trade. It included representatives from various ministries such as commerce, energy, investment, environment, water and agriculture, industry and mineral resources, economy and planning. Additionally, representatives from the Saudi Food and Drug Authority, Zakat, Tax and Customs Authority, Saudi Standards Metrology and Quality Organization, Saudi Export Development Authority, and Saudi Central Bank were present.

Enhancing International Presence

The General Authority of Foreign Trade aims to enhance the Kingdom's international trade gains. It seeks to increase its global presence and effectively participate in international organisations. This effort aligns with achieving common goals and sustainable development.

The discussions are expected to pave the way for stronger economic ties between the GCC countries and Indonesia. Both sides are committed to ensuring that these negotiations lead to beneficial outcomes for all involved parties.

With inputs from SPA