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Home Steel News Turkey aims to finalize free trade agreement with GCC by year-end
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Turkey aims to finalize free trade agreement with GCC by year-end

1 Aug 2024 14:04 reported by Stanley Wang

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Turkey is targeting the completion of a free trade agreement with the Gulf Cooperation Council (GCC) by the end of 2024, according to the Turkish Trade Ministry. This announcement follows the first round of negotiations held in Ankara this week.

The talks, which were agreed upon in March, mark a significant step in Turkey's efforts to enhance economic ties with the Gulf region after resolving tensions with Saudi Arabia and the UAE in 2020. Discussions covered trade in goods, rules of origin, contracting, tourism, health, service trade, and investment facilitation.

The parties planned to continue negotiations through online meetings and reconvene in Riyadh later this year for a second round. Turkey already has a comprehensive economic partnership agreement with the UAE. The country's trade volume with the GCC reached US$31.5 billion in 2023.

Besides, the British Embassy in Ankara announced plans to resume trade talks with Turkey later this year following a pause due to the UK general election.

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