Türkiye, GCC boost free trade, eye trillion-dollar opportunities

Türkiye is on track to enhance its trade relations with Gulf countries as the first round of negotiations for a free trade agreement with the Gulf Cooperation Council (GCC) concludes.

Key details

• Negotiations took place in Ankara, with representatives from the six-nation GCC—Bahrain, Qatar, Kuwait, Saudi Arabia, the United Arab Emirates and Oman.
• The initial round set the general framework of the agreement, with parties exchanging demands and expectations.
• Further talks will continue under a joint framework signed in March by Turkish Trade Minister Omer Bolat and GCC Secretary General Jasem Mohamed Albudaiwi.

Economic potential

• Türkiye’s national income reached a record $1.1 trillion in 2023.
• The GCC’s combined gross domestic product exceeded $2.4 trillion, with expectations to reach $6 trillion by 2050.

New opportunities

• The agreement is expected to unlock significant opportunities for the private sector, increasing trade across sectors from agriculture to tech-intensive industries.
• Turkish companies are already active in the Gulf, especially in telecommunications, contracting, and health tourism, having completed 856 projects worth $77.5 billion in GCC countries.
• Gulf nations are also eyeing investments in Türkiye’s food, logistics, transportation, pharmaceutical, infrastructure, and technology sectors.