Türkiye and the Gulf Cooperation Council (GCC) have signed a deal to launch negotiations for a free commerce settlement (FTA), Trade Minister Ömer Bolat mentioned Thursday, as Ankara steps up efforts to increase financial ties with the area.
After years of stress, Türkiye has extremely improved bilateral relations and mended ties with Gulf nations, particularly the United Arab Emirates (UAE) and Saudi Arabia. Since then, it has signed offers price billions with Gulf nations, together with Qatar, with which it enjoys robust ties.
“We signed a historic agreement to launch negotiations on a free trade agreement between Türkiye and the Gulf Cooperation Council (GCC),” Bolat mentioned on social media platform X, previously Twitter.
“The agreement will liberalize trade in goods and services, facilitate investments and trade, and increase our country’s trade with the region,” he added.
Ankara believed the talks could be accomplished as quickly as potential, he added, saying the pact would result in one of many world’s largest free commerce areas between Türkiye and members of the GCC, with a complete worth of $2.4 trillion.
The GCC contains Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain.
The joint assertion on a deal to begin negotiations for an FTA was signed with Jasem Mohamed Al Budaiwi, the secretary-general of the GCC, within the capital, Ankara.
“As a ring of the strong cooperation with the Gulf region to improve our economic relations under the leadership of our President Recep Tayyip Erdoğan, this new commercial partnership projection is of great importance in terms of reaching a larger share in the global economy with the GCC countries with the win-win principle,” famous Bolat.
As ties have improved, Gulf nations need to Türkiye for assist creating native industries and know-how switch of their bold effort to diversify their economies away from oil.
Source: www.dailysabah.com
