GCC, Japan Conclude 1st Round of FTA Talks in Riyadh

The first round of negotiations for a Free Trade Agreement (FTA) between the GCC countries and Japan have concluded in Riyadh, Saudi Arabia, according to a report by the Saudi Press Agency.

Discussions on the free trade deal covered a range of topics, including goods, services, rules of origin, customs procedures, general provisions, digital trade, and intellectual property. The primary objective of this initial round was to establish the framework for future negotiations, the report stated.

Representing Saudi Arabia at the negotiations was the kingdom’s General Authority for Foreign Trade (GAFT). GAFT’s Deputy Governor for International Organisations and Agreements, Fareed Alasaly, who led the Saudi negotiating team, emphasised the significance of this step in strengthening economic ties between the two parties.

Alasaly highlighted the potential of the FTA to increase trade volumes and foster economic integration between the GCC countries and Japan. He affirmed that Japan is considered a key market for GCC exports.

On Sunday, H E Jasem Mohamed Albudaiwi, Secretary-General of the GCC, received H E Yasunari Morino, Ambassador of Japan to Saudi Arabia, at the GCC General Secretariat’s headquarters in Riyadh.

During the meeting, the two sides discussed aspects of mutual cooperation between the GCC and Japan, as well as ways to enhance bilateral relations to achieve shared interests. The Secretary-General of the GCC expressed his hopes that both parties would reach a Free Trade Agreement in the near future.

Albudaiwi also praised the strong GCC-Japanese relations and the efforts of both sides to enhance cooperation across all sectors, particularly in the economic, commercial, and technological fields, which contribute to sustainable development for both parties.

The Oman Chamber of Commerce and Industry (OCCI) organised the Oman-Japan Business Forum on Sunday to foster partnerships between private-sector institutions in environmentally friendly technologies in both countries. The forum coincided with the visit of a Japanese trade delegation to the sultanate.

Sheikh Faisal bin Abdullah al Rawas, Chairman of OCCI, said the visit of the Japanese trade delegation reflects the robust and long-standing trade relations between Oman and Japan. He noted that Oman places great importance on these relations, which are built on shared aspirations for progress and prosperity.

Takashi Omote, Executive Director of the Japan Cooperation Centre for the Middle East, said that the centre aims to enhance trade and investment cooperation to support industrial and economic development in the Middle East and North Africa region. He pointed to numerous opportunities for collaboration in renewable energy, the circular economy, information technology, and other sectors.