2024/1/12
Today, the Gulf Cooperation Council (GCC) signed a free trade agreement with South Korea, with Saudi Arabia being the largest beneficiary. Currently, Saudi Arabia accounts for 44% of the overall trade between the Gulf countries and South Korea, including 48% of automobile imports, amounting to a total trade volume of $43.1 billion.
Trade between the Gulf countries and South Korea increased by 56% in 2022, with Saudi Arabia experiencing a growth of 62%. The country exported $37.9 billion worth of goods to South Korea and imported $5.3 billion.
The trade agreement comprises 18 chapters, covering goods and services, government procurement, digital transactions, and cooperation among small and medium-sized enterprises.
The Gulf Cooperation Council includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Together, these countries hold 30% of the world's oil reserves, 20% of natural gas reserves, and account for 20% of global oil production.