Strengthening economic ties: GCC-Singapore collaboration boosted through a productive meeting held in Riyadh
Strengthening economic ties between the Gulf Cooperation Council (GCC) countries and Singapore received a significant boost through a productive meeting held in Riyadh.
Officials from both sides convened to explore avenues for enhancing collaboration across various areas of mutual interest.
Jasem Al-Budaiwi, Secretary-General of the GCC, engaged in discussions with Singapore Ambassador Wen Zhao Ming in the Saudi capital to advance and fortify multilateral trade relationships.
The Saudi Press Agency reported the positive outcomes of the meeting.
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Al-Budaiwi underscored the special bonds that the GCC nations share with Singapore, particularly in the spheres of economics, trade, and investment.
Emphasizing the recent advancements in the free trade agreement inked in 2008, the GCC representative highlighted the importance of deepening connections between the GCC and the ASEAN, of which Singapore is an integral part.
The comprehensive agreement addresses diverse aspects of trade, including regulations for origin, customs procedures, services, and governmental protocols.
This accord facilitates duty-free access for GCC products into the Singaporean market, while reciprocally allowing Singaporean exports to the Gulf nations without tariff constraints.
Key sectors within the GCC that benefit from this FTA include petrochemicals, jewelry, machinery, and iron and steel industries.
In June 2023, Al-Budaiwi also convened a meeting with Malaysia’s deputy minister of foreign affairs in Riyadh.
During this interaction, the officials focused on the significance of reinforcing cooperation between GCC countries and Malaysia, with the aim of elevating the strategic dialogue between the two entities.
Furthermore, the GCC is progressing towards finalizing a free trade agreement with the UK, a process that saw the completion of the fourth round of negotiations in the previous month.
This landmark agreement is projected to amplify commerce between the involved parties by an impressive 16 percent, presenting substantial economic prospects for both sides.
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The fourth round of negotiations, held in London from July 17 to 28, featured a blend of in-person and virtual participation.
The GCC is scheduled to host the fifth round later this year. In total, 44 meetings have taken place, including 23 technical discussions addressing various policy matters.
Source: Arab News