Turkey is pushing to finalize a free trade agreement with the Gulf Cooperation Council (GCC) by the end of the year, according to a statement from the Turkish trade ministry.
This follows the first round of negotiations held in Ankara this week.
The discussions are part of Turkey’s broader strategy to enhance economic relations with the region, which has seen improved ties since diplomatic efforts in 2020 ended longstanding tensions, particularly with Saudi Arabia and the United Arab Emirates.
The trade ministry reported that the negotiations covered several areas, including goods trade, rules of origin, contracting, tourism, and health.
Additionally, they evaluated service trade and steps to facilitate investments.
“The sides have agreed to continue the talks through online meetings and to meet in Riyadh in the second half of the year for a second round of negotiations.
“The negotiations are aimed to be completed by the end of the year,” the ministry said.
Turkey already has a comprehensive economic partnership agreement with the UAE.
Since normalizing relations with Gulf countries, Turkey has secured deals worth billions of dollars, notably with Qatar, with which it has a strong relationship.
The trade volume between Turkey and the GCC reached $31.5 billion in 2023, according to the ministry, and the new trade pact is expected to boost mutual investment and cooperation in various sectors.
The Gulf Cooperation Council comprises Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain.
Separately, the British Embassy in Ankara announced that the UK plans to resume trade talks with Turkey later this year.
These talks had been delayed due to the UK’s general election in early July.