Ankara is set to host the inaugural round of “Free Trade Agreement” negotiations between the Gulf Cooperation Council (GCC) states and Turkey from July 29 to 31.
The event will see participation from nine Saudi governmental entities, marking a significant step in trade relations.
According to a statement from the Saudi side reviewed by “Al Sharq,” the negotiations will cover a variety of topics including trade in goods, services, investment, rules of origin, technical barriers to trade, and sanitary and phytosanitary measures.
The objective of this round is to establish foundational principles for the negotiations and set frameworks for future sessions, aiming for a swift conclusion.
The negotiations will focus on exchanging information and data, discussing trade challenges and opportunities, and building trust and partnership by identifying areas for cooperation and coordination. This sets the stage for subsequent rounds to potentially finalize a comprehensive agreement.
Turkish Trade Minister Omar Bulat stated that Turkey aims to increase its bilateral trade volume with Saudi Arabia to $10 billion annually in the near term.
This round follows the joint declaration signed on March 21 by the GCC’s General Secretariat and Turkey, signaling the parties’ desire to enhance their strategic partnership.
The agreement is expected to provide preferential access for national products of goods and services in the markets of all parties by liberalizing most goods and services.
It also aims to facilitate, encourage, and protect investments, increase trade volume between the countries, and promote economic growth and development among the member states.
On a related note, Turkish President Recep Tayyip Erdoğan began a tour of the Arab Gulf states today, starting with Saudi Arabia, which he described as “one of the most important countries in the region.”
The Saudi delegation includes representatives from the General Authority for Foreign Trade and other key ministries such as Energy, Investment, Environment, Water and Agriculture, Industry and Mineral Resources, Economy and Planning, as well as the Saudi Food and Drug Authority, Zakat, Tax and Customs Authority, and the Saudi Standards, Metrology and Quality Organization, and the Saudi Export Development Authority.
The Saudi negotiating team, led by the General Authority for Foreign Trade, is focused on overseeing and monitoring the trade negotiations to ensure alignment with Saudi Arabia’s trade goals and policies, participating actively in the negotiations to incorporate Saudi Arabia’s positions, and coordinating with nations that have similar international trade orientations.
