GCC, Indonesia sign deal to start FTA negotiations

The Gulf Cooperation Council (GCC) and Indonesia signed a joint statement to initiate negotiations for a Free Trade Agreement (FTA) aimed at boosting economic ties and investment between the two regions.

The announcement was made following a meeting between GCC Secretary-General Jasem Albudaiwi and Indonesian Trade Minister Zulkifli Hasan in Jakarta on Wednesday.

Both sides emphasised the significance of the FTA in creating a solid framework for expanding trade, investment, and cooperation.

The agreement is expected to facilitate legislation, streamline investment procedures, and generate new job opportunities.

Albudaiwi highlighted the alignment of the FTA initiative with the GCC’s broader strategy of strengthening international partnerships. He expressed optimism that the FTA would contribute to the economic visions and diversification plans of the GCC countries.

The initial round of negotiations is scheduled to start this year, with the goal of finalising the agreement within 24 months.

Attribution: Saudi Press Agency (SPA)