The public hearing on the negotiation of a possible free trade agreement between Korea and the Gulf Cooperation Council(GCC) was held on January 22 in Seoul, co-hosted by the Ministry of Foreign Affairs and Trade and the Korea International Trade Association. The hearing aimed to gather public opinions before launching negotiations between Korea and GCC in accordance with domestic regulation on the procedures for the conclusion of free trade agreements. President Roh Moo-hyun's visit to Saudi Arabia, Kuwait and Qatar in March 2007 set the stage for the Korea-GCC FTA, and the two parties held a preparatory meeting at the working level in November 2007 in Riyadh, Saudi Arabia. 

At the hearing, participants exchanged diverse opinions on the expected economic effects of the Korea-GCC FTA as well as the sector-specific issues to consider during the actual negotiations. All the participants in the hearing shared the view that the Korea-GCC FTA needed to be concluded at the earliest date possible.

The result of the public hearing is to be reported to the Ministers' Meeting on International Trade Policy on January 25, 2008. At this meeting, official decision will be made on the launch of the Korea-GCC FTA negotiations.

GCC, composed of Saudi Arabia, Kuwait, UAE, Bahrain, Oman and Qatar, was the fifth largest trading partner of the Republic of Korea in 2006. Its export to Korea in 2006 amounted to USD　54.07 billion, most of which consisted of oil and petroleum products(USD 52.74 billion, 98% of its export to Korea), while its import from Korea recorded at USD 7.78 billion dollars.