Sunday, September 8, 2024
The first round of free trade agreement negotiations between the GCC and the Republic of Indonesia will be on September 9–13, 2024, in Jakarta, Indonesia.
The first round discusses several topics such as goods trade, services, investment, custom procedures, rules of origin, technical barriers to trade, and sanitary and phytosanitary measures, trade facilitation, digital trade and trade remedies, aiming to agree on the principles on which negotiations will proceed, as well as setting the framework for future negotiating rounds and their objectives to finalize negotiations within 24 months.
It aims to exchange information and data, discuss trade challenges and opportunities among the parties involved, and build confidence and partnership through cooperation and joint coordination to reach a comprehensive final agreement.
This round is an extension of the signing of the Joint Statement on the Start of Free Trade Negotiations by the General Secretariat and the Indonesian side last July, which aims to enhance cooperation and economic relations.
The agreement is to bring the Gulf goods and services to a preferential advantage for the Indonesian market by eliminating or reducing tariffs on most goods and simplifying customs procedures, as well as facilitating national legislation on service enforcement, and developing frameworks for legislation, laws and procedures governing investments between the two sides.
The Kingdom delegation participates in this round headed by the General Authority for Foreign Trade, with the participation of: the Ministry of Commerce, the Ministry of Energy, the Ministry of Investment, the Ministry of Environment, Water and Agriculture, the Ministry of Industry and Mineral Resources, the Ministry of Economy and Planning, the Saudi Food and Drug Authority, the Zakat, Tax and Customs Authority, Saudi Standards, Metrology and Quality Organization, Saudi Exports, and the Saudi Central Bank.
The Saudi negotiating team, chaired by the General Authority for Foreign Trade, oversees the conduct of trade negotiations to ensure that they are consistent with the Kingdom's trade objectives and policies, participates in trade negotiations to incorporate the Kingdom's negotiating positions, and coordinates with countries with similar objectives in international trade.