GCC, Turkey Complete 1st Round of FTA Talks

The first round of negotiations for the Free Trade Agreement (FTA) between GCC and Turkey has reached completion as the two sides seek to boost bilateral trade in goods and services.

According to the Turkish Trade Ministry, the negotiations were conducted in Ankara with the participation of representatives from the six-nation GCC, which consists of Qatar, Kuwait, Saudi Arabia, the UAE, Oman and Bahrain.

The general framework of the agreement was established during the initial round, while the participating parties heard each other’s demands and expectations, according to a report published by Turkey’s Anadolu Agency.

Further negotiations will take place within a joint framework signed in March 2024 by Turkish Trade Minister Omer Bolat and GCC Secretary General Jasem Mohamed Albudaiwi, the report added.

Private sector opportunities

Turkey’s national income hit a record of US$1.1 trillion last year, while the total gross domestic product (GDP) of GCC member states exceeded US$2.4 trillion.

The Free Trade Agreement between Turkey and the GCC aims to provide new opportunities for the private sector, with the Turkey-GCC trade volume expected to increase post-FTA.

As per the Anadolu Agency report, many Turkish companies in the telecommunications, contracting, and health tourism sectors play active roles in the GCC countries, with the Turkish contracting sector having completed a total of 856 projects worth US$77.5 billion in GCC member states.

The GCC countries aim to invest in Turkey’s food, logistics, transportation, pharmaceutical, hospital management, infrastructure, and technology sectors, the report added.