<p>Dubai: The six-member Gulf Cooperation Council (GCC) and South Korea signed a free trade agreement (FTA) on Thursday in the Korean capital Seoul, the GCC said a statement.</p><p>GCC Secretary General Jasem al-Budaiwi said in the statement that the agreement is "a historic step towards achieving Gulf economic integration and towards strengthening economic and trade relations between the two sides".</p>.<p>Boosting trade and investment ties globally forms a key element of the Gulf states' strategy to diversify income sources and economic sectors away from oil and gas.</p><p>The FTA with South Korea covers trade in goods, services, government procurement, as well as cooperation among small and medium-sized enterprises (SMEs), customs procedures, intellectual property, among others, the statement said.</p>.<p>The GCC Secretariat appointed a lead trade negotiator in 2022 and has held new rounds of FTA talks with major trading partners over the last year, including with China and post-Brexit Britain.</p><p>Earlier this year, the GCC signed a free trade agreement with Pakistan.</p>
<p>Dubai: The six-member Gulf Cooperation Council (GCC) and South Korea signed a free trade agreement (FTA) on Thursday in the Korean capital Seoul, the GCC said a statement.</p><p>GCC Secretary General Jasem al-Budaiwi said in the statement that the agreement is "a historic step towards achieving Gulf economic integration and towards strengthening economic and trade relations between the two sides".</p>.<p>Boosting trade and investment ties globally forms a key element of the Gulf states' strategy to diversify income sources and economic sectors away from oil and gas.</p><p>The FTA with South Korea covers trade in goods, services, government procurement, as well as cooperation among small and medium-sized enterprises (SMEs), customs procedures, intellectual property, among others, the statement said.</p>.<p>The GCC Secretariat appointed a lead trade negotiator in 2022 and has held new rounds of FTA talks with major trading partners over the last year, including with China and post-Brexit Britain.</p><p>Earlier this year, the GCC signed a free trade agreement with Pakistan.</p>