1st round of negotiations on proposed GCC-Turkiye FTA begins

Both sides had signed a deal in March this year to start the negotiations. GCC comprises Saudi Arabia, the United Arab Emirates (UAE), Qatar, Kuwait, Oman and Bahrain.

Nine Saudi government entities are participating in the three-day talks.

The first round will focus on key trade areas, including goods, services, investment, rules of origin, technical barriers to trade, and sanitary and phytosanitary measures.

The aim is to establish negotiation principles, outline the framework for subsequent rounds and set ambitious targets for finalising the agreement, a Saudi news agency reported.

The agreement is expected to grant preferential access to goods and services in all participating markets through extensive liberalisation and facilitate, encourage and protect investments.

Turkiye has mended ties with the Gulf countries, namely the UAE and Saudi Arabia, following years of tension. Since then, it has signed deals worth billions with them.

Fibre2Fashion News Desk (DS)