AIRLINK 74.29 Increased By ▲ 0.29 (0.39%)
BOP 4.95 Decreased By ▼ -0.07 (-1.39%)
CNERGY 4.37 Decreased By ▼ -0.05 (-1.13%)
DFML 38.80 Decreased By ▼ -0.40 (-1.02%)
DGKC 84.82 Decreased By ▼ -1.27 (-1.48%)
FCCL 21.21 Decreased By ▼ -0.44 (-2.03%)
FFBL 34.12 Increased By ▲ 0.11 (0.32%)
FFL 9.70 Decreased By ▼ -0.22 (-2.22%)
GGL 10.42 Decreased By ▼ -0.14 (-1.33%)
HBL 113.00 Decreased By ▼ -0.89 (-0.78%)
HUBC 136.20 Increased By ▲ 0.36 (0.27%)
HUMNL 11.90 No Change ▼ 0.00 (0%)
KEL 4.71 Decreased By ▼ -0.13 (-2.69%)
KOSM 4.44 Decreased By ▼ -0.09 (-1.99%)
MLCF 37.65 Decreased By ▼ -0.62 (-1.62%)
OGDC 136.20 Increased By ▲ 1.35 (1%)
PAEL 25.10 Decreased By ▼ -1.25 (-4.74%)
PIAA 19.24 Decreased By ▼ -1.56 (-7.5%)
PIBTL 6.71 Increased By ▲ 0.03 (0.45%)
PPL 122.10 Decreased By ▼ -0.90 (-0.73%)
PRL 26.65 Decreased By ▼ -0.04 (-0.15%)
PTC 13.93 Decreased By ▼ -0.40 (-2.79%)
SEARL 57.22 Decreased By ▼ -1.90 (-3.21%)
SNGP 67.60 Decreased By ▼ -1.90 (-2.73%)
SSGC 10.25 Decreased By ▼ -0.08 (-0.77%)
TELE 8.40 Decreased By ▼ -0.10 (-1.18%)
TPLP 11.13 Decreased By ▼ -0.10 (-0.89%)
TRG 62.81 Decreased By ▼ -2.04 (-3.15%)
UNITY 26.50 Increased By ▲ 0.25 (0.95%)
WTL 1.35 Increased By ▲ 0.01 (0.75%)
BR100 7,810 Decreased By -40.3 (-0.51%)
BR30 25,150 Decreased By -186.4 (-0.74%)
KSE100 74,957 Decreased By -250.1 (-0.33%)
KSE30 24,083 Decreased By -59.5 (-0.25%)

ANKARA: Turkiye and the Gulf Cooperation Council (GCC) have signed a deal to launch negotiations for a Free Trade Agreement (FTA), Turkish Trade Minister Omer Bolat said on Thursday, as Ankara steps up efforts to expand economic ties with the region.

After years of tension, Turkiye launched a diplomatic charm offensive in 2020 to mend ties with Gulf countries, namely the United Arab Emirates (UAE) and Saudi Arabia. Ankara already has a trade agreement, dubbed a comprehensive economic partnership agreement, with the UAE.

Since then, Ankara has signed deals worth billions with Gulf nations, including Qatar, with which it enjoys strong ties.

“The agreement will liberalize trade in goods and services, facilitate investments and trade, and increase our country’s trade with the region,” Bolat said on social media platform X.

Erdogan, eyeing more trade with Iran, says Turkiye weighing opening new border crossings

Ankara believed the talks would be completed as soon as possible, he added, saying the pact would lead to one of the world’s largest free trade areas, between Turkiye and members of the GCC, with a total value of $2.4 trillion.

The GCC groups Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain.

In a statement, GCC Secretary General Jasem al-Budaiwi said the accord to launch FTA talks “is a demonstration of the robust and strategic partnership between the GCC countries and Turkey.”

He said it showcased successful cooperation between the GCC and Turkiye across various fields, including commerce, economics, and finance.

Turkiye CG vows to enhance trade, investment ties with Pakistan

As ties have improved, Gulf Arab nations are looking to Turkiye for help developing local industries and technology transfer in their ambitious effort to diversify their economies away from oil.

Last week, Turkiye and Britain said they would launch talks on an expanded FTA to include goods and services in the deal.

Comments

200 characters
Az_Iz Mar 21, 2024 07:34pm
GDP of GCC and Turkey is $3.4 trillion,not $2.4 trillion as reported here.GCC alone is $2.25 trillion,and Turkey is $1.15 trillion.In PPP terms total is $7.2 trillion.It will be mutually beneficial.
thumb_up Recommended (0) reply Reply
Az_Iz Mar 21, 2024 07:39pm
Total GDP of GCC and Turkey is $3.4 trillion,not $2.4 trillion,and PPP is $7.2 trillion,quite huge,and mutually beneficial.Should have done this,long ago.Egypt,Iraq,Pakistan & Iran should be included.
thumb_up Recommended (0) reply Reply
Az_Iz Mar 21, 2024 07:45pm
Total GDP is $3.4 trillion. PPP is $7.2 trillion.Later Egypt,Iraq,Pakistan and even Iran should be included,making it $12.5 trillion.It will be mutually beneficial for all.
thumb_up Recommended (0) reply Reply
Az_Iz Mar 21, 2024 07:48pm
If Egypt,Iraq,Pakistan and even Iran are included, making it $12.5 trillion(PPP),then as a block,it can do FTA with China,ASEAN and whoever else,on better terms.
thumb_up Recommended (0) reply Reply