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.
Business
4 minutes
Türkiye to supply half of households with domestic natural gas by 2026: Erdogan
Middle East
2 minutes
Positive developments pending in Iraq, FM Fidan outlines
Business
3 minutes
Russian deputy energy minister highlights Türkiye’s role as energy hub
Business
2 minutes