Turkiye expected to boost exports to Gulf countries with free trade deal as talks progress

Turkiye is expected to boost its exports to Gulf countries as the first round of negotiations for a free trade agreement between Ankara and the Gulf Cooperation Council (GCC) reached completion.

According to the Turkish Trade Ministry, the negotiations were conducted in the country's capital Ankara with the participation of representatives from the six-nation GCC, which consists of Bahrain, Qatar, Kuwait, Saudi Arabia, the United Arab Emirates, and Oman.

The general framework of the agreement was established during the initial round, while the participating parties heard each others' demands and expectations.

Further negotiations will take place within a joint framework signed in March by Turkish Trade Minister Omer Bolat and GCC Secretary General Jasem Mohamed Albudaiwi.   

Deal eyes new private-sector opportunities

Turkiye's national income hit a record of $1.1 trillion last year, while the total gross domestic product (GDP) of GCC member states exceeded $2.4 trillion.

The GDP of the GCC member states is expected to reach $6 trillion by 2050, according to estimates by international organizations.

The agreement between Turkiye and the GCC aims to provide new opportunities for the private sector, with the Turkiye-GCC trade volume expected to increase with the signing of a free trade agreement.

A rise in goods trade across is anticipated to range from agriculture to tech-intensive industrial sectors.

Many Turkish companies in the telecommunications, contracting, and health tourism sectors play active roles in Gulf countries, with the Turkish contracting sector having completed a total of 856 projects worth $77.5 billion in GCC member states.

Gulf nations also aim to invest in Turkiye's food, logistics, transportation, pharmaceutical, hospital management, infrastructure, and technology sectors.