Indonesia’s Minister of Trade, Zulkifli Hasan, and Secretary General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudaiwi, launched the Indonesia-GCC Free Trade Agreement (I-GCC FTA) negotiations on 31 July, 2024.

The event was marked by the signing of the Joint Statement on The Launching of The Negotiation on The Free Trade Agreement, and the commencement of the first round of negotiations, which will be held in September 2024.

Hasan stated, “The trade relationship between Indonesia and the GCC has significant potential value. We hope this agreement can be completed within 24 months.” 

The GCC is an economic-political alliance consisting of Saudi Arabia, the UAE, Kuwait, Bahrain, Oman, and Qatar.

The launch event began with a bilateral meeting between the Indonesian Minister of Trade and the GCC Secretary General, discussing the implementation of the I-GCC FTA negotiations.

Hasan expressed optimism, stating, “This cooperation will enhance Indonesia’s export market to all GCC member countries and further strengthen Indonesia’s relations with all Gulf countries.”

Indonesia is developing modern industries in food, beverages, textiles, and other export commodities, as well as steel and batteries.

Hasan added, “In the next 5-10 years, Indonesia will focus on developing the electric vehicle industry.”

During the event, the Indonesian Minister of Trade and the GCC Secretary General agreed to enhance relations through a free trade agreement scheme, which will be followed up by Technical Teams from the GCC and Indonesia, as well as the Indonesian Embassy in Riyadh and relevant ministries. A Business Forum will also be organised to accelerate trade relations between GCC and Indonesian businesses.