SOUTH Korea and several Arab countries will resume free trade talks after a 13-year hiatus, in a move to forge deeper economic ties, said the East Asian nation’s Trade, Industry and Energy Ministry.

South Korea and the Gulf Cooperation Council (GCC) will start the four-day, fourth round of official talks for a bilateral free trade agreement in Seoul tomorrow.

The council comprises six countries, namely Bahrain, Kuwait, Oman, Saudi Arabia, Qatar and the United Arab Emirates.

South Korea and the GCC agreed to push for a trade agreement in 2007, and had three rounds of talks between 2008 and 2009. But the negotiations stalled after the council announced the suspension in 2010.

The ministry said: “The Gulf region is a crucial market for South Korea given its population, income and growth potential. A free trade deal with the resources-rich nations will not only serve as a chance to boost trade, investment and economic cooperation, but also ensure stable supply chains.”

Trade between the two sides amounted to US$46.6 billion (RM196 billion) in 2020, according to government data. – Bernama, March 27, 2022.