Saudi Arabia to Participate in First Round of GCC-Turkiye Free Trade Agreement

Saudi Arabia is set to lead a nine-member government delegation in the first round of negotiations for a free trade agreement (FTA) between the Gulf Cooperation Council (GCC) and Turkiye. The negotiations are scheduled in Ankara from July 29 to 31.

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 finalizing the agreement.

The talks will also serve as a platform for information sharing, identifying trade challenges and opportunities, and building trust and partnerships. The parties aim to lay the groundwork for a comprehensive FTA in future rounds by fostering cooperation and coordination.

The negotiations follow the signing of a joint statement on March 21, 2024, to initiate FTA talks between the GCC and Turkiye, reflecting both sides’ commitment to strengthening their strategic partnership. The anticipated agreement will grant preferential access to national goods and services in all participating markets through extensive liberalization and facilitate, encourage, and protect investments. Ultimately, the FTA is expected to boost 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, the Saudi Food and Drug Authority, Zakat, Tax and Customs Authority, Saudi Standards, Metrology and Quality Organization, and Saudi Exports Development Authority.

The Saudi negotiating team will promote the Kingdom’s trade goals and policies and work closely with similar-minded countries on global trade issues.