Turkey’s Trade Minister Omer Bolat announced on Thursday that Turkey and the Gulf Cooperation Council (GCC) have inked a deal to kick off formal negotiations for a free trade agreement. The move comes as Ankara aims to strengthen economic relations in the Middle East.
The GCC, consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, joined Turkey in signing the pact to commence talks. The agreement was formalized in Ankara on Thursday, with Bolat and GCC Secretary General Jasem Mohamed Al Budaiwi inking the deal.
Bolat expressed on the X platform that the accord will establish one of the world’s largest free trade areas, boasting a total value of $2.4 trillion. He voiced optimism that the negotiations would be swiftly concluded.
Turkey has been intensifying its diplomatic efforts with Gulf nations following years of strained relations, primarily due to Turkish President Recep Tayyip Erdogan’s backing of the Muslim Brotherhood movement. Since Erdogan’s reelection in May 2023, Turkey has been finalizing billions of dollars’ worth of business agreements with Gulf countries, signaling Ankara’s commitment to deepening ties with the region.
