Moon Meets GCC Secretary-General ... "Working Together for Fair Trade" (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] On the 19th (local time), President Moon Jae-in met with Nayef Al-Hajraf, Secretary-General of the Gulf Cooperation Council (GCC), and discussed the Free Trade Agreement (FTA) and other matters.

President Moon evaluated the GCC Secretary-General he met that day by saying, "Korea and the GCC countries have complementary economic structures and have achieved economic development and shared prosperity through a mutually beneficial partnership," and requested special attention and cooperation so that the cooperation base between the two sides can be strengthened in various fields such as hydrogen, medical, and bio industries based on the traditional cooperative relationship that has continued so far.

Secretary-General Nayef highly appreciated Korea's experience and technological capabilities in various fields such as manufacturing, renewable energy, and bio, and responded that he would work together with GCC member countries to further strengthen the cooperative relationship between the two sides.

Secretary-General Nayef of the GCC said, "Saudi Arabia, which the President visited, has very beautiful weather now, which I think reflects the cooperation between the two countries well," and added, "Based on the 'Korea-GCC Strategic Cooperation Memorandum of Understanding (MOU)' signed in 2014 and the joint action plan of 2020, we will strengthen cooperation in various fields such as economy, culture, science, and health."

Also, taking this opportunity of President Moon's Middle East tour, the GCC countries and Korea decided to resume the 'Korea-GCC FTA' negotiations, which had been suspended for more than 10 years. Both countries plan to resume negotiations within the first quarter of this year, aiming to conclude the negotiations as soon as possible.

During the meeting, President Moon expressed his expectation that if the two sides conclude the FTA, mutual benefits could increase not only in goods but also in services, investment, intellectual property rights, and energy and technology cooperation.

Secretary-General Nayef stated, "We have also held policy consultations between the two sides and had preliminary discussions with the head of the trade negotiation team in preparation for the Korea-GCC FTA negotiations," and added, "We have decided to proceed with the FTA negotiations on a six-month schedule."

President Moon also hoped that even before the FTA is concluded, both sides would work together to ensure fair trade, especially requesting that trade remedy measures such as anti-dumping and safeguards be implemented through objective and fair procedures based on international norms.

In response, Secretary-General Nayef said he would cooperate with GCC member countries to reach an early agreement. He also mentioned plans to visit Korea soon and stated, "I hope that Korean businesspeople can establish a strategic dialogue channel in the investment sector with the GCC."

President Moon and Secretary-General Nayef also exchanged views on the situation in the Middle East region and the peace process on the Korean Peninsula.

The Gulf Cooperation Council is a regional cooperation organization consisting of six countries: Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Oman, and Bahrain, conducting economic and security cooperation activities among member countries.