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

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

The first round of these negotiations occurred in December 2024 at the Riyadh headquarters. Key topics included trade in goods and services, investment promotion, digital trade, intellectual property, and other mutual interests. These discussions aim to enhance economic ties between the two regions.

Secretary General Albudaiwi emphasized the Joint Action Plan for 2024–2028. This plan seeks to bolster cooperation in energy, trade, investment, education, health, tourism, cultural exchange, and political coordination. He described it as a roadmap for deepening strategic partnerships between the GCC and Japan.

Trade between GCC countries and Japan reached about $119 billion in 2023. Albudaiwi expressed hopes to further increase this volume to meet shared economic ambitions. Enhancing commercial cooperation remains a priority for both parties.

The meeting also explored opportunities for strengthening joint cooperation between the GCC and Keidanren. Discussions included recent economic developments on both regional and international levels. These dialogues are crucial for adapting to changing global economic landscapes.

Albudaiwi reaffirmed their commitment to enhancing bilateral relations with Japan. He noted that both parties are dedicated to advancing their strategic partnership through various cooperative efforts outlined in their action plan.

The meeting underscored the importance of ongoing dialogue and collaboration. By addressing key issues and exploring new opportunities, both regions aim to foster stronger economic ties and mutual growth.

With inputs from SPA