Ankara launches free trade negotiations with GCC

ANKARA

The first round of negotiations for a free trade agreement (FTA) between Türkiye and the Gulf Cooperation Council (GCC) has been launched in Ankara, the Trade Ministry has announced.

In March, Trade Minister Ömer Bolat and GCC Secretary-General Jasem Mohamed al-Budaiwi signed a deal to start the FTA talks.

FTA negotiations are aimed to be completed by the end of 2024, the Turkish ministry said in a statement.

“In the first round of talks, the parties held detailed discussions on goods trade, rules of origin, contracting, tourism, health as well as steps to facilitate investments,” it added.

The parties agreed to hold the second round of the negotiations in Riyadh, according to the ministry.

The total trade volume of Türkiye and GCC member countries — Bahrain, Qatar, Kuwait, Saudi Arabia, UAE and Oman — with the world is around $2.4 trillion, and the FTA will create one of the largest free trade areas in the world, it noted.

In addition to improving trade relations, the agreement will also provide a basis for increasing mutual investments, it said.

The trade volume with the GCC countries reached $31.5 billion last year, the ministry said, adding that GCC economies are offering important opportunities to Turkish companies in service sectors, especially in contracting, logistics and tourism, and increasing their investments in Türkiye.

Earlier this week, the U.K. government announced that Trade Secretary Jonathan Reynolds is set to deliver trade negotiations with international partners, including Türkiye, in the autumn.