Türkiye, gulf countries hold third round of $2T free trade talks

The third round of free trade agreement (FTA) negotiations between Türkiye and the Gulf Cooperation Council (GCC) was held in Ankara on Tuesday, according to a statement from the Turkish Ministry of Trade.

The ministry reported that the talks were attended by Turkish Deputy Trade Minister Mustafa Tuzcu and Dr. Raja Al Marzouqi, the GCC’s chief negotiator. The discussions focused on the progress made so far and the next steps in the negotiation process.

The negotiations aim to establish a balanced agreement that will significantly reduce trade barriers between the parties. Talks are ongoing in various areas, including trade in goods, rules of origin, investments, digital trade, and services.

One of the largest free trade areas in making

As of last year, the trade volume between Türkiye and the six GCC member states—Bahrain, Qatar, Kuwait, Saudi Arabia, the United Arab Emirates, and Oman—stood at $27.7 billion.

Given that the combined global trade volume of Türkiye and GCC countries is approximately $2.4 trillion, the implementation of the FTA is expected to create one of the world’s largest free trade areas.

The agreement is also expected to provide a foundation for deeper cooperation in several key sectors, including tourism, healthcare, education, logistics, and information technology, while also enhancing mutual investments in services and contracting industries.