The first round of negotiations on the free trade agreement between the Gulf Cooperation Council countries and Turkey will begin in the Turkish capital, Ankara, on Monday, and will last for three days, during the period July 29-31, 2024.
The first round of negotiations discusses many topics in trade in goods, services, investment, rules of origin, technical barriers to trade, and sanitary and phytosanitary measures. This round aims to agree on the principles on which negotiations will proceed in the above-mentioned topics, in addition to setting a framework for the upcoming negotiating rounds and their desired objectives, in an effort to conclude the negotiations as soon as possible.
This round also aims to exchange information and data, discuss trade challenges and opportunities between the participating parties, and build trust and partnership by identifying areas of cooperation and joint coordination, paving the way in the upcoming rounds to reach a comprehensive final agreement.
The first round aims to agree on the principles on which negotiations will proceed, in addition to setting a framework for the upcoming negotiating rounds and their desired objectives, in an effort to conclude the negotiations as soon as possible.
Saudi Arabia is participating in the first round of negotiations with a government delegation headed by the General Authority for Foreign Trade and with the participation of the Ministries of Energy, Investment, Environment, Water, Agriculture, Industry and Mineral Resources, the Ministry of Economy and Planning, the General Authority for Food and Drug, the General Authority for Zakat and Income, Customs, the Saudi Standards, Metrology and Quality Organization, and the Export Development Authority.
On March 21, GCC Secretary General Jassim Mohammed Al-Badawi and Turkish Trade Minister Omer Bolat signed a joint statement to start negotiations on a free trade agreement between them in Ankara, stressing the desire of the Gulf states and Turkey to develop their strategic partnership.
In a speech during the signing of the statement, Turkish Trade Minister Omer Bolat expressed his belief that the negotiations will be concluded as soon as possible.
He pointed out that negotiations on the free trade agreement between Turkey and the GCC states, which began in 2005 and stopped in 2010, have resumed again, stressing that economic relations between the two sides will be more comprehensive and clear, and there will be opportunities for development and diversification in this framework.
He also stressed at the time that his country attaches importance to completing a comprehensive agreement that regulates important areas such as trade in goods and services, intellectual property rights, customs procedures, trade facilitation, and developing cooperation between small and medium-sized enterprises.
He added that the goal is to make a serious contribution to the well-being of Turkey and the GCC states with the completion of the negotiation process and the entry into force of the agreement.
He pointed out that the total GDP of the GCC countries exceeds $2.4 trillion
Polat explained that the total foreign trade volume of Turkey and the six Gulf countries exceeds $2.4 trillion, and it is clear how important and huge the trade cooperation that will be achieved through signing the free trade agreement is.
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