Riyadh Minister Discusses Trade Ties with South Korea Prime Minister
In a strategic move to strengthen economic partnerships, Saudi Minister of Commerce Majid Al-Qasabi engaged in discussions with South Korea’s Prime Minister, Han Duck-soo, during a three-day visit to Seoul. The focus was on the Free Trade Agreement (FTA) between the Gulf Cooperation Council (GCC) and South Korea, signed in December 2023.
FTA Progress and Partnership Opportunities
The FTA entails the removal of tariffs on nearly 90 percent of items, including crucial products like liquefied natural gas and petroleum. Moreover, GCC countries have agreed to eliminate levies on over 76 percent of products across 18 chapters.
Strengthening Trade Ties
Al-Qasabi, leading a Saudi delegation comprising government representatives and business leaders, aims to enhance trade relations and explore collaboration opportunities. The visit from July 29 to 31 includes participation in the Saudi-Korean Business Forum to expand partnerships and boost trade exchanges.
Focus on SMEs and Startups
Meetings between Al-Qasabi and South Korean Minister of Small and Medium-Sized Enterprises and Startups Oh Young-ju discussed establishing a policy consultative body. The aim is to promote joint growth and collaboration in emerging fields, business incubator programs, and innovation centers.
Expanding Economic Cooperation
Both countries are exploring avenues for e-commerce cooperation, knowledge transfer, talent exchange, and training programs for Saudi students. The Korean government encourages participation in Saudi-based events like the upcoming startup festival, Biban 2024, to further strengthen economic ties.
Continued Efforts to Boost Trade
Al-Qasabi’s visit to South Korea is part of ongoing efforts to enhance economic trade with Asian nations. Previous delegations to Malaysia and Thailand have already laid the groundwork for increased cooperation and investment opportunities.
Future Prospects and Collaborations
Saudi Arabia’s engagement with countries like China and Thailand signifies a broader strategy to build stronger economic relationships and explore new investment avenues. The focus remains on fostering trust and collaboration across diverse sectors for mutual benefit.