Riyadh: Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi received a delegation from the Japan Business Federation (Keidanren) today at the General Secretariat headquarters in Riyadh. The delegation was led by Chairman of the Board of Sumitomo Corporation Masayuki Hyodo.
According to Saudi Press Agency, during the meeting, Secretary General Albudaiwi highlighted the progress in negotiations on the Free Trade Agreement (FTA) between the GCC and Japan, which resumed in July 2023. He noted that the first round of negotiations took place in December 2024 at the General Secretariat headquarters in Riyadh, where both parties discussed key topics, including trade in goods and services, investment promotion, digital trade, intellectual property, and other areas of mutual interest.
Secretary General Albudaiwi also addressed the Joint Action Plan for 2024-2028, which aims to strengthen cooperation in fields including energy, trade, investment, education, health, tourism, cultural exchange, and political coordination. He described the plan as a roadmap for deepening the strategic partnership between the GCC and Japan, reaffirming their shared commitment to enhancing bilateral relations.
Furthermore, the GCC Secretary General noted that trade exchange between the GCC countries and Japan reached approximately $119 billion in 2023. He emphasized the aspiration to further boost commercial cooperation and increase trade volume to meet the mutual ambition of advancing economic relations.
The meeting also covered several topics, including opportunities to strengthen joint cooperation between the GCC and Keidanren and discussions on the latest economic developments at both regional and international levels.