Arab News Japan

TOKYO: The General Authority for Foreign Trade (GAFT), represented by Farid bin Saeed Al-Asali, Deputy Governor of the GAFT for International Agreements and Organizations and Head of the Saudi Negotiating Team, is in Tokyo to lead the Kingdom’s delegation in the second round of negotiations on the Free Trade Agreement between the GCC and Japan, which started on June 30 and will run to July 4.

According to (GAFT), the Saudi negotiating team includes nine technical teams focused on goods, services, investment, e-commerce, intellectual property, government procurement, and more. Comprising 46 government agencies, these teams prepare the Kingdom’s positions on negotiations and proposals within the World Trade Organization and free trade agreements and submit relevant reports to the negotiating team.

In 2024, the trade volume between the Kingdom of Saudi Arabia and Japan reached approximately $36 billion. The most significant exports from Saudi Arabia were mineral products and organic chemical products. In contrast, the primary imports from Japan included automobiles and their parts, as well as machinery and mechanical tools.

Overall, Saudi Arabia’s exports totaled about $28 billion, while its imports amounted to around $8 billion.

The Saudi team oversees and monitors the progress of trade negotiations to ensure they align with the Kingdom’s trade objectives and policies. Additionally, the team actively participates in the negotiations to incorporate the Kingdom’s positions, making their role integral to the process.

The General Authority for Foreign Trade is essential to the Kingdom’s international trade strategy. It aims to enhance trade gains, strengthen global presence, and engage with international organizations for sustainable development. The Authority plays a crucial role in negotiations, representing the Kingdom’s interests and ensuring trade agreements align with its objectives.