Türkiye’s Trade Ministry has announced the start of negotiations for a Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC). The first round of talks was held in Ankara, marking a key step in this major trade initiative.
In March, the Trade Minister and the GCC Secretary-General signed an agreement to kick off the negotiation process. The FTA is anticipated to be concluded by the end of 2024.
During the initial discussions, the focus was on various topics including the trade of goods, rules of origin, contracting, tourism, health, and investment facilitation. The next round of talks is planned to take place in Riyadh.
The trade volume between Türkiye and GCC member countries—Bahrain, Qatar, Kuwait, Saudi Arabia, UAE, and Oman—amounted to around $2.4 trillion globally. The proposed FTA is set to create one of the largest free trade areas worldwide, aiming to strengthen trade relations and foster mutual investments.
Trade between Türkiye and the GCC reached $31.5 billion in 2023. The new agreement is expected to open up more opportunities in sectors such as contracting, logistics, and tourism, and to boost investment inflows into Türkiye.
This development also coincides with upcoming trade negotiations between Türkiye and other international partners later this year.
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