Turkey seeks to finalise GCC trade pact by year-end

Turkey is pushing to complete negotiations for a free trade agreement (FTA) with the Gulf Co-operation Council (GCC) by the end of 2024, the Turkish Trade Ministry announced on Wednesday.

The first round of talks took place this week in Ankara, focusing on goods trade, rules of origin, tourism, health, and investment facilitation.

The agreement, which follows March’s commitment between Turkey and the GCC, aims to strengthen economic ties after Ankara’s 2020 diplomatic efforts resolved long-standing tensions with Gulf countries such as Saudi Arabia and the UAE.

The ministry revealed that discussions will continue through online meetings and a second round in Riyadh later this year.

Turkey already has a comprehensive economic partnership agreement with the UAE and has secured multi-billion-dollar deals with regional powers like Qatar since normalising ties.

In 2023, Turkey’s trade volume with the GCC was $31.5 billion, and the new pact is expected to boost mutual investment and co-operation.

Attribution: Reuters