Trade Agreement Between Turkey and Gulf Cooperation Council Countries
The Turkish government is actively seeking to boost its exports across various sectors, including agriculture, technology, and industrial products. To achieve this goal, they are reportedly on the cusp of signing a free trade agreement with the Gulf Cooperation Council (GCC) countries. This proposed agreement would create one of the largest trade zones in the world.
The first round of negotiations for this agreement took place in Ankara, Turkey, on Tuesday, according to a report from the Turkish Anadolu Agency. Both parties aim to reach an agreement that is suitable for current global economic conditions and provides new opportunities for the private sector, encompassing not just goods trade but also services and investments.
The negotiations come at a time when numerous Turkish companies have achieved global recognition in various service sectors, including communications, contracting, and healthcare. These companies also play a significant role in the economies of the GCC countries.
The agency also highlighted the significant contribution of the Turkish contracting sector to the GCC region, with over 856 projects worth $77.5 billion already completed. The GCC countries are also expressing interest in investing in Turkey across various sectors, including food, logistics, transportation, medicine, hospital management, and infrastructure development.
The first round of negotiations focused on discussing modalities for facilitating trade in services and investments, including aspects related to goods trade, rules of origin, contracting, tourism, and healthcare.