S Korea, Gulf states to forge FTA next year

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SEOUL, July 9 (AFP): South Korea and six Gulf states agreed today 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 per cent of the world's oil reserves.