Latest news with #freeTradeAgreement
Arab News
07-07-2025
- Business
- Arab News
GCC, Japan advance free trade talks as officials meet in Tokyo
RIYADH: Negotiations over a free trade agreement between the Gulf Cooperation Council and Japan advanced further this week as officials from both sides convened in Tokyo to review progress and explore ways to accelerate discussions. The meeting, held between GCC Secretary-General Jasem Al-Budaiwi and Japan's Vice Minister of Economy, Trade and Industry Kato Akiyoshi, focused on the strategic potential of the proposed accord and recent developments in the negotiation process, the Saudi Press Agency reported. The second round of negotiations for the agreement had concluded in Tokyo in early June, covering a wide range of issues including goods, technical barriers, terms of services, financial and telecommunications services, and intellectual property. A government delegation led by the General Authority for Foreign Trade took part in those discussions, reviewing proposals aimed at strengthening trade relations, identifying areas for cooperation, and fostering new partnerships. At this week's meeting, both sides reiterated that a free trade agreement would represent a pivotal step toward expanding trade flows, enhancing economic links, and establishing a framework for long-term cooperation. 'Al-Budaiwi reviewed a number of economic indicators and statistics for the GCC countries, noting that the GCC countries' distinguished economic performance, and the sustainable growth and development they are witnessing in various sectors, have contributed to strengthening their position regionally and internationally,' SPA's report stated. The officials stated that the accord could open broader avenues for exchange and contribute to a sustainable economic partnership serving shared interests.
Arab News
02-07-2025
- Business
- Arab News
Saudi delegation in Tokyo for talks on GCC-Japan free trade agreement
TOKYO: Farid bin Saeed Al-Asali, the General Authority for Foreign Trade's deputy governor for international agreements and organizations, is in Tokyo to lead the Kingdom's delegation in the second round of negotiations on the free trade agreement between the GCC and Japan, which began on June 30 and will run until July 4. According to GAFT, the Saudi negotiating team includes nine technical teams focused on goods, services, investment, e-commerce, intellectual property, and government procurement. Comprising 46 government agencies, the teams prepare the Kingdom's positions on negotiations and proposals within the World Trade Organization and free trade agreements, and submit relevant reports to the negotiating team. In 2024, the trade volume between Saudi Arabia and Japan reached about $36 billion. The most significant exports from the Kingdom were mineral products and organic chemical products. In contrast, the primary imports from Japan included automobiles and automotive components, as well as machinery and mechanical tools. Overall, Saudi Arabia's exports totaled about $28 billion, while imports amounted to around $8 billion. The Saudi team oversees and monitors the progress of trade negotiations to ensure they align with the Kingdom's trade objectives and policies. Additionally, the team participates in the negotiations to incorporate the Kingdom's positions, making their role integral to the process. The General Authority for Foreign Trade aims to enhance trade gains, strengthen global presence, and engage with international organizations for sustainable development. The authority plays a crucial role in negotiations, representing the Kingdom's interests and ensuring trade agreements align with its objectives.
Reuters
01-07-2025
- Business
- Reuters
Mercosur and EFTA blocs seal free-trade agreement, CNN Brasil reports
SAO PAULO, July 1 (Reuters) - South American bloc Mercosur has concluded talks for a free-trade agreement with a group of four European nations known as EFTA, CNN Brasil reported on Tuesday, citing officials from the Brazilian government. An announcement is set to be made later this week during a Mercosur summit. The bloc includes South America's two largest economies, Brazil and Argentina, as well as Uruguay, Paraguay and Bolivia. Reuters reported last year, citing sources, that an agreement with the European Free Trade Association (EFTA) group of four non-EU nations - Norway, Iceland, Switzerland and Liechtenstein - was among the most likely to be signed by Mercosur this year. EFTA and Argentina, which current holds the Mercosur presidency, did not immediately respond to requests for comment outside normal business hours.
Yahoo
01-07-2025
- Business
- Yahoo
Mercosur and EFTA blocs seal free-trade agreement, CNN Brasil reports
SAO PAULO (Reuters) -South American bloc Mercosur has concluded talks for a free-trade agreement with a group of four European nations known as EFTA, CNN Brasil reported on Tuesday, citing officials from the Brazilian government. An announcement is set to be made later this week during a Mercosur summit. The bloc includes South America's two largest economies, Brazil and Argentina, as well as Uruguay, Paraguay and Bolivia. Reuters reported last year, citing sources, that an agreement with the European Free Trade Association (EFTA) group of four non-EU nations - Norway, Iceland, Switzerland and Liechtenstein - was among the most likely to be signed by Mercosur this year. EFTA and Argentina, which current holds the Mercosur presidency, did not immediately respond to requests for comment outside normal business hours. Sign in to access your portfolio
Arab News
01-07-2025
- Business
- Arab News
GCC, Japan officials hold talks on trade, economy in Riyadh
RIYADH: The GCC's Secretary-General Jasem Albudaiwi and Japan's Ambassador to Saudi Arabia Morino Yasunari held talks in Riyadh on Tuesday. During their meeting at the headquarters of the GCC's general secretariat, the two officials discussed ways to boost relations. According to the Saudi Press Agency, they discussed preparations for Albudaiwi's visit to Japan this week, a review of free trade agreement negotiations, and a follow-up on the joint action plan for the period 2024-2028. On Monday, the GCC and Japan launched the second round of negotiations for a free trade agreement, with talks to be held in Tokyo until July 4.
