Türkiye is expected to boost its exports to Gulf countries as the first round of negotiations for a free trade agreement (FTA) between Ankara and the Gulf Cooperation Council (GCC) reached completion.
Negotiations in the capital, Ankara, were held with the representatives from the six-nation GCC, which consists of Bahrain, Qatar, Kuwait, Saudi Arabia, the United Arab Emirates and Oman, a statement by the Turkish Trade Ministry said.
The general framework of the agreement was established during the initial round, while the participating parties heard each others' demands and expectations.
Further negotiations will take place within a joint framework signed in March by Turkish Trade Minister Ömer Bolat and GCC Secretary-General Jasem Mohamed Albudaiwi.
Türkiye's national income hit a record of $1.1 trillion (TL 36 trillion) last year, while the total gross domestic product (GDP) of GCC member states exceeded $2.4 trillion.
The GDP of the GCC member states is expected to reach $6 trillion by 2050, according to estimates by international organizations.
The agreement between Türkiye and the GCC aims to provide new opportunities for the private sector, with the bilateral trade volume expected to increase with the signing of a free trade agreement.
A rise in goods trade across the country is anticipated to range from agriculture to tech-intensive industrial sectors.
Many Turkish telecommunications, contracting, and health tourism companies play active roles in Gulf countries, with the Turkish contracting sector having completed 856 projects worth $77.5 billion in GCC member states.
Gulf nations also aim to invest in Türkiye's food, logistics, transportation, pharmaceutical, hospital management, infrastructure, and technology sectors.
