Indonesia, GCC Eye Free Trade Deal

August 1, 2024

GCC Secretary-General Jasem highlighted the significant potential benefits of the I-GCC FTA for both Indonesia and the Gulf countries…reports Asian Lite News

Indonesia and the Gulf Cooperation Council (GCC) initiated negotiations for the Indonesia-GCC Free Trade Agreement (I-GCC FTA) at the Trade Ministry here on Wednesday.

The event was highlighted by the signing of a joint statement by Indonesian Trade Minister Zulkifli Hasan and GCC Secretary-General Jasem Mohamed Albudaiwi.

“Through the I-GCC FTA, Indonesia aims to strengthen trade relations while opening up mutually beneficial investment opportunities,” the Indonesian trade minister said in his speech, Xinhua news agency reported.

He added that the FTA is expected to boost exports of Indonesian commodities, such as motor vehicles, palm oil, jewelry, coffee, textiles, and electronics.

Jasem highlighted the significant potential benefits of the I-GCC FTA for both Indonesia and the Gulf countries, covering not only trade in goods but also services, customs, trade barriers, and small and medium enterprises.

“We want this trade agreement not only to increase trade figures but also to enhance economic cooperation in other areas. We also aim to open up opportunities for collaboration in new sectors, particularly Islamic economics,” he said.

The GCC is a cooperative group of six countries: Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Oman, and Qatar.

Last year, trade transactions between Indonesia and the GCC amounted to 15.7 billion U.S. dollars, with 6.2 billion dollars recorded from January to May this year.

ALSO READ: Indonesian President Set for Nusantara Transition

Previous Story

Acorns Children’s Hospice Seeks HELP

Next Story

Police arrest Egyptian man following migrant boat death

Latest from -Top News

UAE credit soars to the top

S&P Global, Moody’s Investors Service, and Fitch Ratings — have all assigned strong sovereign credit ratings to the UAE In a strong

Khamenei rebukes Trump

Khamenei said Iran had triumphed over the US and downplayed the impact of the strikes on the country’s nuclear infrastructure Iran’s Supreme

UAE powers up China ties

Dr Sultan Al Jaber’s China visit boosts UAE-China strategic ties, focusing on energy, renewables, and industrial cooperation amid record bilateral trade and

Khamenei threatens more strikes

Iran’s supreme leader rebukes Trump’s ‘surrender’ remark, warns of repeat attacks on US bases and Israeli targets. In his first public appearance

Don't Miss