GCC Secretary General Jasem Albudaiwi Hosts Japan Business Federation Delegation To Enhance Economic Ties

Jasem Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), met with a delegation from the Japan Business Federation (Keidanren) at the General Secretariat in Riyadh. The delegation was led by Masayuki Hyodo, Chairman of Sumitomo Corporation. Discussions focused on the ongoing Free Trade Agreement (FTA) negotiations between the GCC and Japan, which resumed in July 2023.

The first round of these FTA negotiations occurred in December 2024 in Riyadh. Key topics included trade in goods and services, investment promotion, digital trade, and intellectual property. Both parties are keen to explore areas of mutual interest to enhance their economic ties.

Albudaiwi highlighted the Joint Action Plan for 2024–2028 as a strategic roadmap for cooperation. This plan aims to bolster ties in energy, trade, investment, education, health, tourism, cultural exchange, and political coordination. It underscores the commitment of both parties to deepen their strategic partnership.

The Secretary General also noted that trade between GCC countries and Japan reached around $119 billion in 2023. He expressed a strong desire to further increase this trade volume to align with shared economic goals and ambitions.

The meeting addressed opportunities for enhanced cooperation between the GCC and Keidanren. Discussions also covered recent economic developments at regional and international levels. Both sides are eager to explore new avenues for collaboration that could benefit their respective economies.

Albudaiwi emphasized the importance of boosting commercial cooperation to meet mutual aspirations. The goal is to advance economic relations through increased trade exchanges and partnerships.

This engagement reflects a shared vision for future growth and prosperity between the GCC and Japan. By working together on various fronts, both parties aim to achieve significant progress in their bilateral relations.

With inputs from SPA