South Korea is actively considering forging a free trade agreement with six Gulf nations. The council groups Qatar, Saudi Arabia, Bahrain, Kuwait, Oman and the United Arab Emirates. South Korea has already signed FTAs with Chile and Singapore.

A joint study with China on the feasibility of such a pact will also be launched. Gulf states With their oil money have turned their eyes from the US and Europe to Asias emerging markets for investment, and Korea has become one of their good targets. Qatar has planned to become a major exporter of liquefied natural gas (LNG) to Europe and North America, and urged South Korean firms to take part in the drive. South Korea imports 6.74 million tonnes of LNG, or 27 per cent of its annual supply, from Qatar.