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

Türkiye, GCC boost free trade, eye trillion-dollar opportunities Trade Minister Ömer Bolat (R) and GCC Secretary-General Jasem Mohamed Albudaiwi sign a deal to launch free trade agreement negotiations, Ankara, Türkiye, March 21, 2024. (Courtesy of Trade Ministry)
By Newsroom
Aug 2, 2024 4:48 PM

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.
Last Updated:  Aug 2, 2024 5:02 PM