In a significant development for international trade, Turkey and the Gulf Cooperation Council (GCC) have reached an agreement to commence negotiations for a Free Trade Agreement (FTA). Turkish Trade Minister Omer Bolat announced the deal, signaling Ankara's commitment to expanding economic relations with the Gulf region.
After years of strained relations, Turkey embarked on a diplomatic initiative in 2020 to mend ties with Gulf nations, particularly the United Arab Emirates (UAE) and Saudi Arabia. Notably, Turkey already maintains a comprehensive economic partnership agreement with the UAE.
The FTA aims to liberalize trade in goods and services, facilitate investments, and foster closer economic integration between Turkey and the GCC member states. Minister Bolat expressed optimism about the agreement, highlighting the potential for increased trade volumes and economic cooperation within the region.
According to Minister Bolat, the FTA negotiations are expected to culminate swiftly, paving the way for the creation of one of the world's largest free trade areas, valued at an estimated $2.4 trillion. The GCC, comprising Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain, represents a significant economic bloc in the Middle East.
Jasem al-Budaiwi, Secretary General of the GCC, hailed the launch of FTA talks as a testament to the strong and strategic partnership between GCC countries and Turkey. He underscored the successful collaboration between the two sides across various sectors, including commerce, economics, and finance.
As diplomatic ties continue to improve, Gulf Arab nations are increasingly looking to Turkey for assistance in developing local industries and technology transfer. This collaboration aligns with their ambitious efforts to diversify their economies away from reliance on oil revenue.
The announcement follows a recent agreement between Turkey and Britain to initiate talks on an expanded FTA, encompassing goods and services. These developments underscore Turkey's growing role as a key player in global trade and economic cooperation.
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