The Kingdom of Saudi Arabia will participate in the first round of negotiations of the Free Trade Agreement between the Gulf Cooperation Council (GCC) countries and the Republic of Indonesia, which is set to be held from September 9 to 31, in the Indonesian capital, Jakarta.
Topics to be discussed include trade in goods and services, investment, customs procedures, rules of origin, technical barriers to trade, sanitary and phytosanitary measures, trade facilitation, digital trade, and trade remedies.
The primary goal of this round is to establish the principles that will guide the negotiations and set the framework for future rounds, with the aim of concluding the agreement within 24 months.
The round also aims to facilitate the exchange of information and data, discuss trade challenges and opportunities for the participating parties, and foster partnerships by identifying potential areas for cooperation and coordination.
The agreement aims to give preferential access to Gulf goods and services to the
Indonesian market by eliminating or reducing customs duties on most goods, and streamlining customs procedures. It also aims to establish frameworks for legislation and procedures governing investments by the two sides.
The Kingdom’s delegation at this round is led by the General Authority of Foreign Trade and includes representatives of the ministries of commerce, energy, investment, environment, water and agriculture, industry and mineral resources, and economy and planning, as well as from the Saudi Food and Drug Authority, the Zakat, Tax and Customs Authority, the Saudi Standards, Metrology and Quality Organization, the Saudi Export Development Authority, and the Saudi Central Bank.
Source: Saudi Press Agency
