The Turkish Ministry of Trade announced on Wednesday that the first round of free trade agreement negotiations with the Gulf Cooperation Council countries will be held in Ankara.
According to a statement by the ministry, the negotiations are taking place within the framework of the joint declaration signed by Turkish Trade Minister Ömer Bolat and Secretary-General of the Gulf Cooperation Council Jassim Mohammed Al-Badawi last March.
In the first round held yesterday, Tuesday, the two parties held detailed discussions on facilitating trade in services and investments, including the areas of trade in goods, rules of origin, contracting, tourism and health.
The two parties will continue the negotiations through online meetings and will meet in the Saudi capital, Riyadh, in the last quarter of the year to hold the second round of negotiations.
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The negotiations are expected to end by the end of this year, according to the same source.
It is worth noting that the total trade volume of Turkey and the Gulf Cooperation Council countries with the world amounts to $2.4 trillion.
With the implementation of the aforementioned agreement, one of the largest free trade zones in the world will be established.
The Gulf Cooperation Council had previously placed the negotiations of a free trade agreement with Ankara on its priority list after the participation of Turkish President Recep Tayyip Erdogan in the 44th summit of the Council held in Doha on December 5, 2023.
The volume of Turkish trade with the Gulf Cooperation Council countries reached $31.5 billion in 2023.
