Published on 01/08/2024 at 07:29 GMT+7 Reading time
Minister of Trade, Zulkifli Hasan, and the Secretary General of the Gulf Cooperation Council (GCC), Jasem Mohamed Al Budaiwi, officially commenced negotiations for the Indonesia–Gulf Cooperation Council Free Trade Agreement (I-GCC FTA) in Jakarta on Wednesday, July 31, 2024.
Minister Zulkifli Hasan highlighted the historical ties between Indonesia and the GCC countries, including Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Oman, and Kuwait. However, he acknowledged that trade relations between these regions have not fully matched their potential.
"I'm thrilled to start these negotiations, despite not yet achieving a final agreement. I highly appreciate the presence of His Excellency Sheikh Jasem Mohamed Al Budaiwi," Zulkifli said while addressing the ceremony.
He emphasized the significant economic potential both regions hold, noting that Indonesia and the GCC share large and robust economies.
Zulkifli also called for a concerted effort to enhance trade relations, which have been under discussion for many years but are only now formally being addressed.
In his remarks, Jasem Mohamed Al Budaiwi praised the initiation of negotiations as a historic moment for both Indonesia and the Gulf states. He expressed optimism that the agreement would bring economic benefits to both regions.
"There are many sectors we can develop through this cooperation, including trade, services, customs, Islamic finance, investment, and more," Al Budaiwi said.
He highlighted the GCC's plans to explore new markets for a diverse range of products.
The ceremony was also attended by ambassadors from the GCC countries, underscoring the significance of this initiative in enhancing bilateral economic ties.
The I-GCC FTA is expected to create new opportunities for economic growth and cooperation between Indonesia and the Gulf region.
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