The first round of negotiations on the free trade pact between the Gulf Cooperation Council (GCC) states and Türkiye will be held July 29-31 in Ankara, according to a report Sunday.
The talks on the free trade agreement (FTA) between two parties are expected to see participation of nine Saudi governmental entities, Saudi state news agency SPA reported on Sunday.
Türkiye and the Gulf Cooperation Council have signed a deal to launch negotiations for a free trade agreement this March.
After years of tension, Türkiye has improved bilateral relations and mended ties with Gulf countries, namely the United Arab Emirates (UAE) and Saudi Arabia. Since then, it has signed deals worth billions with Gulf nations, including Qatar, with which it enjoys strong ties.
The joint statement on a deal to start negotiations for an FTA was signed between Trade Minister Ömer Bolat and Jasem Mohamed al-Budaiwi, the secretary-general of the GCC, in the capital, Ankara.
The GCC comprises Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain.
The free trade agreement between partner countries and companies generally stipulates a path to reducing trade barriers, making it easier to compete in the global marketplace, and bolstering business cooperation.
