In a significant development, Turkey and the Gulf Cooperation Council (GCC) have come together to sign a deal to kickstart negotiations for a Free Trade Agreement (FTA). This move, announced by Turkish Trade Minister Omer Bolat, marks a pivotal moment as Ankara aims to strengthen economic relations with the region.
Diplomatic Relations on the Rise
After experiencing strained ties for years, Turkey embarked on a diplomatic charm offensive in 2020 to mend relationships with Gulf countries, particularly the United Arab Emirates (UAE) and Saudi Arabia. The signing of this FTA agreement adds to the series of deals worth billions that Ankara has recently inked with Gulf nations, including Qatar, a country with which Turkey shares strong bonds.
According to Bolat, the agreement will bring about the liberalization of trade in both goods and services, making it easier to facilitate investments and boost trade activities between Turkey and the GCC region. With an optimistic outlook, Ankara anticipates the swift conclusion of discussions, paving the way for the creation of one of the largest free trade areas globally, valued at an impressive $2.4 trillion.
The GCC, consisting of Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain, views the agreement to commence FTA negotiations as a testament to the strong and strategic partnership shared with Turkey. GCC Secretary General Jasem al-Budaiwi highlighted the successful collaboration across various sectors, such as commerce, economics, and finance, underscoring the mutually beneficial nature of the relationship.
With improving ties, Gulf Arab nations are increasingly turning to Turkey for assistance in developing local industries and transferring technology as part of their ambitious plans to diversify their economies beyond the dependence on oil. In another promising development, Turkey and Britain have also announced plans to initiate discussions on an expanded FTA that encompasses both goods and services, further highlighting the growing trend of international economic cooperation.
Overall, the signing of the FTA deal between Turkey and the GCC symbolizes a significant milestone in the efforts to enhance economic collaboration and foster closer ties between the two regions. As negotiations progress, the potential for mutual growth and prosperity becomes increasingly promising, signaling a bright future for the partnership between Turkey and the Gulf countries.