Turkey begins talks on free trade agreement with GCC states
Negotiations in Ankara started with a delegation from Saudi Arabia to be followed by meetings with Qatar, Kuwait, Oman, Bahrain and the UAE.
Turkish Foreign Minister Hakan Fidan attends the 6th Turkey-GCC High-Level Strategic Dialogue on June 9 in Qatar. (Getty Images)
Long a key regional commercial partner for the Gulf states, despite political disputes, Turkey is seeking to strengthen its ties by securing an across-the-board free trade agreement with the six member-states of the GCC.
Turkish officials began talks in Ankara on Monday with a delegation from Saudi Arabia, the largest of the Gulf states and first in the roster of GCC countries to negotiate the comprehensive deal.
The kingdom will be followed by Qatar, Oman, Kuwait, Bahrain and the UAE before an agreement can be reached that reduces import taxes and other tariffs. The UAE, which does the largest amount of trade with Turkey among the Gulf states, will follow up to join the GCC pact.
Besides trade in oil, arms, construction and agricultural products, the pact is expected to have a broader impact on the region. Iraq, in particular, would benefit from its potential for becoming a corridor between Turkey and the Gulf states, according to a report by the Stimson Center, a Washington think tank.
Iraq announced the launch last year of a 1200-kilometer (750 mile) highway and rail project that would connect with Turkey’s transportation network.