Turkish Trade Minister Omar Bolat announced the signing of a historic agreement in the capital, Ankara, between his country and the Gulf Cooperation Council to begin free trade negotiations.

Polat said in a post on the X platform that he signed a historic agreement today to start negotiations for a free trade agreement between Turkey and the Gulf Cooperation Council countries.

He explained, “Through the joint declaration that we signed today with the Secretary-General of the Gulf Cooperation Council, Jassim Mohammed Al-Budaiwi, one of the largest free trade areas in the world, worth $2.4 trillion, will be established between Turkey and the Gulf Cooperation Council countries (Bahrain, Qatar, Kuwait, Saudi Arabia, Oman, and the UAE).

He added: "The agreement will liberalize trade in goods and services, facilitate investments and trade, increase our country's trade with the region and raise investments coming from the Gulf region to our country to much higher levels."

He expressed his belief that the free trade agreement negotiations between the two sides will be completed as soon as possible, hoping that this important and historic step will bring goodness to Turkey and the Gulf Cooperation Council countries.

Earlier, Mr. Jassim Mohammed Al-Budaiwi, Secretary-General of the Gulf Cooperation Council, stated during the signing of the statement that the signing of the joint statement to begin negotiations for free trade between the Gulf Cooperation Council and the Republic of Turkey is an indication of the strength of the strategic and deep partnership between the countries of the Gulf Cooperation Council and the Republic of Turkey, as well as it is an indication of the regional and international standing achieved by the GCC countries at all levels, including the commercial, economic and financial standing.

The Secretary-General pointed out that the joint statement signed today emphasizes the vital importance of close cooperation between Turkey and the GCC countries to strengthen economic relations between the two sides, in addition to their continued aspiration to expand trade and investment and achieve greater cooperation between the GCC countries and the Republic of Turkey. According to a statement by the Gulf Cooperation Council.

He stressed that the GCC countries are moving forward in the file of negotiations for free trade between the GCC countries and other countries, aiming to achieve several results, including opening and enhancing the prospects for trade and economic cooperation for the GCC countries regionally and internationally, in addition to ensuring the existence of strong and large markets for the goods and services provided by the GCC countries. These agreements also come within the efforts of the GCC countries to diversify their sources of income and economies.

Resource: Turk Press