In a historic step aimed at strengthening economic cooperation, Türkiye and the Gulf Cooperation Council signed an agreement today, Thursday, March 23, 2024, to launch free trade negotiations. This agreement aims to create one of the largest free trade zones in the world worth $2.4 trillion, which will have a significant impact on the economies of the Gulf countries and Türkiye.
Agreement details:
The agreement signed in Riyadh, Saudi Arabia, by the foreign ministers of the Gulf States and the Turkish Foreign Minister. The agreement aims to liberalize trade in goods and services between the Gulf countries and Türkiye, in addition to facilitating investments. The agreement includes many important provisions, such as:
- Eliminate customs duties on most goods.
- Opening services markets to companies from both sides.
- Protecting foreign investments.
- Enhancing cooperation in various economic fields.
Economic impacts:
The agreement expected to have a significant impact on the economies of the Gulf States and Türkiye. It will contribute to increasing the volume of trade and investment between the two sides, which will lead to the creation of new job opportunities and enhance economic cooperation.
Official comments:
Turkish Trade Minister Omer Polat welcomed the signing of the agreement, expressing his optimism for the upcoming negotiations. The Secretary-General of the Gulf Cooperation Council, Jassim Mohammed Al-Budaiwi, also stressed the importance of the agreement in strengthening relations between the GCC countries and Turkey.
In conclusion, the historic agreement between Türkiye and the Gulf Cooperation Council is an important step towards strengthening economic cooperation between the two sides. The agreement expected to have a significant positive impact on the economies of the Gulf States and Türkiye.