The negotiations for a free trade pact between Türkiye and the Gulf Cooperation Council (GCC) are aimed to be completed by the end of the year, the Trade Ministry said in a statement on Wednesday, after Ankara hosted the first round of talks this week.
Ankara and the council agreed in March to hold the talks as Türkiye bids to broaden economic ties with the region after diplomatic efforts in 2020 ended years of tensions with Gulf countries, namely Saudi Arabia and the United Arab Emirates (UAE).
The joint statement on a deal to start negotiations for a free trade agreement (FTA) was signed between Trade Minister Ömer Bolat and Jasem Mohamed al-Budaiwi, the secretary-general of the GCC, in March.
In a written statement, the ministry said the parties in the first round of talks discussed goods trade, rules of origin, contracting, tourism and health, and that service trade and steps to facilitate investments were also evaluated.
"The sides have agreed to continue the talks through online meetings and to meet in Riyadh in the second half of the year for a second round of negotiations. The negotiations are aimed to be completed by the end of the year," it said.
Ankara already has a trade pact with the UAE, dubbed a comprehensive economic partnership agreement.
Since normalizing ties with Gulf countries, Ankara has signed deals worth billions of dollars with regional powers, including Qatar, with which it enjoys strong ties.
Türkiye's trade volume with the Gulf grouping stood at $31.5 billion in 2023, the ministry said, and the trade pact would help increase mutual investment and cooperation in various areas.
The Gulf Cooperation Council includes Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain.
Separately, the British Embassy in Ankara said on Tuesday that Britain wanted to resume trade talks with Türkiye later this year after negotiations were stalled due to the U.K. general election early in July.
