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GCC Secretary-General Jassim Mohammed Budaiwi and Indonesian Trade Minister Dr. Zulkifli Hassan signed a joint statement to launch negotiations on a free trade agreement between the GCC countries and Indonesia.
Both GCC and Indonesia stressed the importance of strengthening cooperation between the GCC and Indonesia to enhance economic relations and serve common interests.
The two sides explained that the signing of the Joint Declaration on the launch of free trade negotiations will lead to the conclusion of a free trade agreement, which will provide a valuable basis for expanding trade and investment, strengthening cooperation between the two countries, in addition to formulating legislation, laws and policies to govern the procedures for investment between the two countries, establishing implementation mechanisms and providing new job opportunities.
Budavi said that the signing of the agreement was to implement the instructions of the leaders of the GCC countries to strengthen international partnerships, as Indonesia is considered one of the priorities of the GCC in the free trade agreement negotiations. It will become an important platform for realizing the economic vision and economic diversification strategic plan of the GCC countries.
He stressed that according to the agreement between the two sides, the first round of free trade agreement negotiations between the GCC countries and Indonesia will be launched in 2024 and concluded within 24 months.
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