Gulf Cooperation Council (GCC) Secretary General Jasem Mohamed Albudaiwi and Turkish Minister of Trade Dr. Omer Bolat signed an agreement initiating negotiations for a Free Trade Agreement (FTA).
According to Albudaiwi, this agreement highlights the strong and strategic partnership between the two parties.
Albudaiwi highlighted that the agreement demonstrates successful regional and international collaboration in the areas of commerce, economy, and finance. He acknowledged the close cooperation between Türkiye and the GCC countries, which contributes to enhancing economic relations, and expressed a mutual desire for further collaboration to expand trade and investment.
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Albudaiwi further emphasized that the GCC countries are actively involved in FTA negotiations with other nations to create trade opportunities, promote economic cooperation, and access new markets for their goods and services. He added that this effort aligns with the GCC’s objective to diversify income sources and foster economic growth.
Liberalization of trade and investment
For his part, Dr. Bolat expressed that the agreement would lead to the liberalization of trade in goods and services, as well as facilitate investments and trade. Bolat further mentioned that the agreement is expected to significantly enhance Türkiye’s trade with the region and attract increased investments from the Gulf Region. He emphasized the significance of this new commercial partnership projection, stating that it holds great importance in terms of achieving a larger share in the global economy through mutually beneficial cooperation with the GCC countries.
Turkish contractors’ impact in GCC projects, growing trade volume
Bolat noted that Turkish contractors have been responsible for the execution of 856 projects in the GCC member countries, amounting to a total value of $77.5 billion as of now.
The minister further said the trade volume between Türkiye and the GCC member countries has witnessed significant growth over the years. Starting at $2.1 billion in 2002, it rose to $22.7 billion in 2022 and further surged to $31.4 billion in 2023, he added.
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