General Secretariat – Jakarta
His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), and His Excellency Dr Zulkifli Hasan, Minister of Trade of the Republic of Indonesia, stressed the importance of increasing cooperation between the Cooperation Council and Indonesia to enhance economic relations between the two sides, in a way that serves common interests.
This came during HE the Secretary General’s meeting with HE the Minister on Wednesday (July 31, 2024) at the headquarters of the Ministry of Trade in the Indonesian capital, Jakarta, where the signing ceremony of the joint statement to launch negotiations for a Free Trade Agreement (FTA) between the GCC countries and Indonesia was held.
Both sides stressed that the signing of the joint statement to commence free trade negotiations between the GCC and the Republic of Indonesia, which will lead to the conclusion of the FTA between the GCC and Indonesia, will provide a valuable foundation for expanding trade and investment and achieving greater cooperation between the two parties. They noted that it also frames the legislation, laws and procedures that govern investments between the two sides and sets mechanisms for their implementation and provides new job opportunities.
On this occasion, HE the Secretary General stated that the signing of the joint statement between the two sides is in line with the directives of the leaders of the GCC countries to strengthen their relations with international partners. He noted that the Republic of Indonesia is a priority for the Cooperation Council in the FTA negotiations, reflecting the desire of both sides to enhance their distinguished relations, particularly in the economic realm.
His Excellency pointed out that the FTA will serve as an important platform for achieving the economic visions of the GCC countries and their strategic plans for economic diversification. He added that the first round of negotiations will begin in 2024 and is expected to conclude within 24 months, as agreed upon by both sides.
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