Riyadh – Mubasher: Saudi Arabia is leading a nine-member government delegation in the first round of negotiations for a free trade agreement (FTA) between the Gulf Cooperation Council (GCC) and Turkey.

The negotiations, set to take place from 29 to 31 July in Ankara, mark a significant step towards strengthening economic ties between the GCC and Turkey, according to the Saudi Press Agency (SPA).

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

The primary objectives are to establish negotiation principles, outline the framework for future rounds, and set ambitious targets for finalising the agreement.

These negotiations follow the signing of a joint statement on 21 March 2024, to initiate FTA talks between the GCC and Turkey.

The anticipated agreement reflects both sides’ commitment to strengthening their strategic partnership and is expected to grant preferential access to national goods and services in all participating markets through extensive liberalisation.

Additionally, it will facilitate, encourage, and protect investments, ultimately boosting trade, economic growth, and development among member states.

The Saudi delegation, headed by the General Authority of Foreign Trade, includes representatives from the ministries of energy, investment, environment, water and agriculture, industry and mineral resources, and economy and planning, as well as the Saudi Food and Drug Authority, Zakat, Tax and Customs Authority, Saudi Standards, Metrology and Quality Organization, and Saudi Exports Development Authority.

It is worth noting that the GCC is negotiating another FTA with the UK that is expected to be signed by the end of 2024.