Turkey’s Ministry of Trade announced on Wednesday that the first round of negotiations on a free trade agreement with the Gulf Cooperation Council countries will be held in Ankara.
The negotiations are taking place within the framework of the joint declaration signed by Turkish Trade Minister Omer Bolat and GCC Secretary-General Jassim Mohammed Al-Budaiwi last March, according to a statement from the ministry.
Detailed discussions
In the first round held on Tuesday, the two sides held detailed discussions on facilitating trade in services and investments, including in the areas of trade in goods, rules of origin, contracting, tourism and health.
The two parties will continue negotiations through online meetings, and will meet in the Saudi capital, Riyadh, in the last quarter of the year to hold the second round of these negotiations. The negotiations are expected to be concluded by the end of this year, according to the same source.
It is noteworthy that the total trade volume of Turkey and the Gulf Cooperation Council countries with the world amounts to 2.4 trillion dollars, according to the Anadolu Agency correspondent.
With the implementation of the said agreement, one of the largest free trade zones in the world will be created.
The Gulf Cooperation Council had previously placed negotiations on a free trade agreement with Ankara on its priority list after Turkish President Recep Tayyip Erdogan participated in the 44th GCC summit held in Doha on December 5, 2023.
Reaching a free trade agreement is a strategic step to strengthen economic relations between Turkey and the GCC countries, which will benefit both sides by enhancing trade and attracting more investments, especially in light of the changing global economic conditions.
The volume of Turkish trade with the Gulf Cooperation Council countries reached $31.5 billion in 2023.
Separately, the British embassy in Ankara said yesterday that Britain wants to resume trade talks with Turkey later this year after negotiations were halted by the UK’s general election in early July.
