Türkiye and the Gulf Cooperation Council (GCC) have signed a deal to launch negotiations for a free trade agreement (FTA), Trade Minister Ömer Bolat said Thursday, as Ankara steps up efforts to expand economic ties with the region.
After years of tension, Türkiye has highly 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.
"We signed a historic agreement to launch negotiations on a free trade agreement between Türkiye and the Gulf Cooperation Council (GCC)," Bolat said on social media platform X, formerly Twitter.
"The agreement will liberalize trade in goods and services, facilitate investments and trade, and increase our country's trade with the region," he added.
Ankara believed the talks would be completed as soon as possible, he added, saying the pact would lead to one of the world's largest free trade areas between Türkiye and members of the GCC, with a total value of $2.4 trillion.
The GCC comprises Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain.
The joint statement on a deal to start negotiations for an FTA was signed with Jasem Mohamed Al Budaiwi, the secretary-general of the GCC, in the capital, Ankara.
"As a ring of the strong cooperation with the Gulf region to improve our economic relations under the leadership of our President Recep Tayyip Erdoğan, this new commercial partnership projection is of great importance in terms of reaching a larger share in the global economy with the GCC countries with the win-win principle," noted Bolat.
As ties have improved, Gulf nations are looking to Türkiye for help developing local industries and technology transfer in their ambitious effort to diversify their economies away from oil.
