By NNN-Xinhua
Seoul : South Korea and member states of the Gulf Cooperation Council (GCC) will launch their talks on formal free trade agreement (FTA) in April or May next year, the South Korean government said Thursday.
According to the Ministry for Trade, South Korea agreed to launch the FTA talks with GCC nations during preliminary talks in Riyadh, Saudi Arabia.
The ministry said talks held in the Saudi capital touched on the need for a “high degree” of liberalization for products, services and improved investment opportunities.
The economic structures of South Korea and the GCC were mutually complimentary, the ministry said.
The GCC is composed with Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Oman and Kuwait.
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