GCC, Indonesia ink joint statement to launch FTA negotiations

Secretary General of the Gulf Cooperation Council (GCC) Jassem Al-Budaiwi and Minister of Trade of Indonesia Dr. Zulkifli Hasan, stressed the importance of increasing cooperation to enhance economic relations between the two sides, in a way that serves common interests. General Secretariat said in a statement that this came during Al-Budaiwi's meeting with Hasan on Wednesday at the headquarters of the Ministry of Trade in Jakarta, where the signing ceremony of the joint statement to launch negotiations for a Free Trade Agreement (FTA) between the GCC countries and Indonesia was held. Both sides stressed that the signing of the joint statement will lead to the conclusion of the FTA between the GCC and Indonesia, as well as provide a valuable foundation for expanding trade and investment and achieving greater cooperation between the two parties. They noted that it also frames the legislation, laws and procedures that govern investments between the two sides and sets mechanisms for their implementation and pr ovides new job opportunities. On this occasion, Secretary General stated that the signing of the joint statement between the two sides is in line with the directives of the leaders of the GCC countries to strengthen their relations with international partners. He noted that Indonesia is a priority for the GCC in the FTA negotiations, reflecting the desire of both sides to enhance their distinguished relations, particularly in the economic realm. Al-Budaiwi pointed out that the FTA will serve as an important platform for achieving the economic visions of the GCC countries and their strategic plans for economic diversification. He added that the first round of negotiations will begin in 2024 and is expected to conclude within 24 months, as agreed upon by both sides. Source: Kuwait News Agency