Davos, January 23, 2025 – In a significant development on the sidelines of the 55th annual meeting of the World Economic Forum in Davos, Switzerland, Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed AlBudaiwi held a productive meeting with South Korean Minister of Trade, Industry and Energy, Bang Moon-Kyu. The discussion, which focused on strengthening bilateral ties between the GCC and South Korea, centered around the ongoing updates to the free-trade agreement between the GCC countries and the Republic of Korea, as well as strategies to enhance cooperation in key sectors of mutual interest.
One of the core topics addressed during the meeting was the progress and potential improvements to the free-trade agreement, a vital instrument for increasing trade and economic exchanges between the two regions. The updates to the agreement are expected to play a crucial role in enhancing commercial ties, ensuring smoother and more efficient trade relations, and creating new opportunities for both sides. The GCC and South Korea have long maintained strong economic connections, with South Korea being a key partner for the Gulf states in a variety of sectors, including energy, technology, and infrastructure.
In addition to the trade agreement, the two leaders discussed a broad range of other topics aimed at deepening Gulf-South Korean partnerships. They explored ways to foster collaboration across a variety of strategic sectors, from renewable energy and digital innovation to manufacturing and transportation. Both sides expressed optimism about leveraging their strengths and expertise to create new avenues for constructive cooperation, particularly in sectors that are poised for growth in the coming years.
The meeting also placed emphasis on strengthening the strategic dialogue between the GCC and South Korea. Both parties agreed to continue to work closely together in implementing the joint action plan, a framework that outlines areas of cooperation ranging from trade and investment to science and technology. The action plan, established to guide the partnership, reflects the shared commitment of both sides to building a future-oriented relationship, with a focus on sustainability, innovation, and economic diversification.
Secretary-General AlBudaiwi expressed his appreciation for the continued partnership between the GCC and South Korea, noting the importance of maintaining a forward-looking approach to cooperation that can address the evolving global economic landscape. Minister Bang Moon-Kyu reiterated South Korea’s commitment to furthering its ties with the Gulf region, acknowledging the mutual benefits of collaboration and the shared vision for continued growth.
This meeting comes at a time when both the GCC and South Korea are seeking to diversify their economies and expand their global influence. For the Gulf states, this includes enhancing non-oil sectors such as technology, renewable energy, and logistics, while South Korea continues to build on its leadership in high-tech industries and innovation. The strengthened partnership between the two sides is seen as an important step toward realizing these goals and contributing to regional and global economic stability.
As both regions continue to navigate the complexities of a rapidly changing global economy, the discussions held in Davos represent a key moment in the ongoing efforts to deepen ties, build lasting partnerships, and create new opportunities for growth and development. The collaboration between the GCC and South Korea is poised to yield significant benefits, paving the way for future successes across a wide range of industries and sectors.