Jakarta (ANTARA) - The Gulf Cooperation Council (GCC) countries and the Republic of Indonesia concluded the first round of free-trade agreement negotiations on Friday.The negotiations were held from September 9–13, 2024, in Jakarta with 11 participants from Saudi Arabian government entities.
In a press release issued by the General Authority for Foreign Trade (GAFT) in Jakarta on Friday, Deputy Governor of International Organizations and Agreements and chairperson of the Saudi negotiating team, Fareed Alasaly, expressed his pleasure over the successful conclusion of the first round of negotiations.
He said that the negotiations reflect the common determination to strengthen economic and trade relations between the GCC countries and Indonesia. "It is a significant step to build a strong strategic partnership," he said.
The first round discussed several topics such as goods trade, services, investment, Customs procedures, rules of origin, technical barriers to trade, sanitary and phytosanitary measures, trade facilitationGCC, RI wrap up first round digital trade, and trade remedies.
It aimed to bring about an agreement on the principles on which the negotiations will proceed as well as set the framework for the next negotiating rounds. "Their objective is to finalize negotiations within 24 months," he said.
He further added that the upcoming negotiation rounds are expected to see remarkable progress given the commitment of all parties to reach an agreement that will ensure greater trade and investment opportunities for both sides, leading to mutual economic growth and success, and contribute to the realization of their economic vision.
The delegation from the Kingdom that participated in the first round was headed by GAFT.
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The Ministry of Commerce, the Ministry of Energy; the Ministry of Investment; the Ministry of Environment, Water, and Agriculture; the Ministry of Industry and Mineral Resources; the Ministry of Economy and Planning; the Saudi Food and Drug Authority; the Zakat, Tax, and Customs Authority; Saudi Standards, Metrology, and Quality Organization, Saudi Exports, and the Saudi Central Bank were also involved in the negotiations.
To ensure the achievement of common goals and sustainable development, GAFT highlighted the Kingdom's international trade gains, increase in its international presence, and active participation in many international organizations.