GCC, Japan to resume FTA negotiations

Jeddah, July 16 (BNA): The Gulf Cooperation Council and Japan announced the resumption of free trade agreement negotiations by signing a joint statement in this regard on the sidelines of the meeting held here today between Fumio Kishida. Prime Minister of Japan, and Jassim Muhammad Al-Budaiwi, Secretary-General of the Cooperation Council for the Arab States of the Gulf.

Commenting on this, the Secretary-General of the Gulf Cooperation Council said that this declaration comes in implementation of the directives of the Ministerial Council to sign free trade agreements with the trading partners of the GCC countries within the priorities that were agreed upon to be accomplished in its session that was taken in June 2022, adding that Japan is considered one of the priorities of the GCC countries Gulf cooperation with which it seeks to strengthen its strategic, economic, developmental and investment relations.

The Secretary-General expressed the hope of the GCC countries to consolidate trade and investment relations between the two sides through this agreement, highlighting their role in launching a new era of partnership aimed at providing many opportunities for joint growth of business communities. On both sides, especially in priority sectors.

He pointed out that this agreement will pave the way for the development of a comprehensive economic framework based on common interests, which in turn will establish stronger strategic cooperation, promote innovation, stimulate economic growth, and create job opportunities for both sides.

He emphasized the strategic and important ties between the GCC countries and Japan in all fields, most notably the high level of political coordination and cooperation in the field of energy and trade exchange, indicating that Japan ranked fourth in terms of exports from the GCC countries. The GCC countries with a value of $76.7 billion and the fourth place in terms of imports from the GCC countries with a value of $22 billion.

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