Turkey Aims for Year-End Free Trade Agreement with Gulf Cooperation Council

Turkey is negotiating a free trade agreement with the Gulf Cooperation Council (GCC) to be completed by the year's end, after holding the first round of talks this week. This move follows Ankara's efforts to normalize ties with Gulf countries and aims to boost economic cooperation and investments.

In a significant move to bolster economic ties with the Gulf region, Turkey announced its aim to finalize a free trade agreement with the Gulf Cooperation Council (GCC) by the end of 2023. The announcement came after Ankara hosted the first round of negotiations this week.

The Turkish trade ministry reported that discussions covered a variety of topics, including goods trade, rules of origin, contracting, tourism, and health. Additionally, both parties evaluated service trade and potential investment facilitation.

Turkey already has a comprehensive economic partnership agreement with the UAE and has signed deals worth billions with other Gulf states since normalizing relations. The Gulf council comprises Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain. In a related development, the British Embassy in Ankara expressed the UK's interest in resuming stalled trade talks with Turkey later this year.

(With inputs from agencies.)