Saudi Gazette report

JAKARTA — Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi met on Wednesday with Indonesian Minister of Trade Dr. Zulkifli Hasan in Jakarta, where they underscored the significance of strengthening cooperation between the Gulf states and Indonesia to bolster economic ties and serve mutual interests.

The meeting followed the signing of a joint statement to initiate GCC-Indonesia Free Trade Agreement (FTA) negotiations.

Both sides emphasized that the FTA between the two sides would establish a solid groundwork for expanding trade and investment relations and fostering cooperation.

They confirmed that the negotiations will establish the framework for legislation, laws, and procedures governing investments between the two sides, set mechanisms for their implementation, and create new job opportunities.

Albudaiwi stated that the signing of the joint statement aligns with the directives of the GCC leaders to strengthen ties with international partners, adding that the FTA will play a crucial role in realizing the economic visions of the GCC countries and their strategic plans for economic diversification.

He also mentioned that the initial round of negotiations will begin this year and is anticipated to conclude within 24 months, as mutually agreed upon.