S.Korea, Gulf states agree to forge free trade deal next year

0 Comments | AFP, July, 2008

SEOUL (AFP) — South Korea and six Gulf states agreed Wednesday to forge a free trade deal by the end of next year, a chief negotiator from the Seoul side said.

"At today's opening session, the chief delegates from both sides agreed in principle to conclude negotiation by the end of next year," Deputy Trade Minister Lee Hye-Min told reporters.

He was speaking at the start of a two-day meeting with the Gulf Cooperation Council to forge a free trade agreement.

The GCC -- established in 1981 by Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Oman and Kuwait -- holds around 40 percent of the world's oil reserves.

"We aim to forge the deal early as there are not many sensitive issues between the two sides," Lee said.

His office said in a...