August 1, 2024
1 min read

Indonesia, GCC Eye Free Trade Deal

GCC Secretary-General Jasem highlighted the significant potential benefits of the I-GCC FTA for both Indonesia and the Gulf countries…reports Asian Lite News

Indonesia and the Gulf Cooperation Council (GCC) initiated negotiations for the Indonesia-GCC Free Trade Agreement (I-GCC FTA) at the Trade Ministry here on Wednesday.

The event was highlighted by the signing of a joint statement by Indonesian Trade Minister Zulkifli Hasan and GCC Secretary-General Jasem Mohamed Albudaiwi.

“Through the I-GCC FTA, Indonesia aims to strengthen trade relations while opening up mutually beneficial investment opportunities,” the Indonesian trade minister said in his speech, Xinhua news agency reported.

He added that the FTA is expected to boost exports of Indonesian commodities, such as motor vehicles, palm oil, jewelry, coffee, textiles, and electronics.

Jasem highlighted the significant potential benefits of the I-GCC FTA for both Indonesia and the Gulf countries, covering not only trade in goods but also services, customs, trade barriers, and small and medium enterprises.

“We want this trade agreement not only to increase trade figures but also to enhance economic cooperation in other areas. We also aim to open up opportunities for collaboration in new sectors, particularly Islamic economics,” he said.

The GCC is a cooperative group of six countries: Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Oman, and Qatar.

Last year, trade transactions between Indonesia and the GCC amounted to 15.7 billion U.S. dollars, with 6.2 billion dollars recorded from January to May this year.

ALSO READ: Indonesian President Set for Nusantara Transition

Previous Story

Acorns Children’s Hospice Seeks HELP

Next Story

Opposition MPs express concern over train accidents

Latest from -Top News

Modi’s 3-Nation Mission Begins

This three-nation tour is also an opportunity to thank partner countries for their steadfast support to India in our fight against cross-border terrorism…reports Asian Lite News Ahead of his departure for a

Pentagon Labels China Top Threat

Hegseth told a House defence panel that Beijing is preparing for war in the Indo-Pacific to assert regional and global dominance. US Secretary of Defence Pete Hegseth stated on Tuesday that China

NTSB to probe Air India crash

The National Transportation Safety Board stated that as per protocols, all information on the investigation will be provided by India National Transportation Safety Board (NTSB), an independent US government agency tasked with

‘I don’t know how I’m alive’

Vishwash Kumar Ramesh is believed to be the sole survivor of the Air India Flight 171 crash. His brother said he video called their father moments after the crash to say: “I
Go toTop

Don't Miss

Blinken Remembers Message of Non-Violence on Gandhi Jayanti

We join our friends in India and around the world

Iran pressed over 3 missing Indians

The embassy stated that it is maintaining close contact with