GCC & Turkey Sign Statement To Initiate FTA Talks

The Gulf Cooperation Council (GCC) and Turkey have announced the signing of a joint statement that will initiate free trade negotiations between the two parties. A press releasefrom the GCC - formed by Bahrain, Oman, Kuwait, Qatar, Saudi Arabia, and the UAE - claims the joint statement "is a demonstration of the robust and strategic partnership between the GCC countries and Turkey. It also showcases the successful cooperation achieved at regional and international levels across various sectors, including commerce, economics, and finance."

• Turkish Trade Minister Omer Bolat posted on X: "The agreement will liberalize trade in goods and services, facilitate investments and trade, and increase our country's trade with the region,"
• Reuters: "Ankara believed the talks would be completed as soon as possible, [Bolat] added, saying the pact would lead to one of the world's largest free trade areas, between Turkey and members of the GCC, with a total value of $2.4 trillion."
• The opening of talks marks another milestone in the rapprochement between Turkey and Arab nations, most notably the UAE and Saudi, that has taken place in recent years. Closer economic relations between Turkey and the GCC could prove transformative within the region given Turkey's significant industrial base, and the GCC's efforts to diversify their economies away from reliance on hydrocarbons.