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Türkiye-Gulf Free Trade Talks Signal New Phase of Cooperation

The Secretary-General of the Gulf Cooperation Council (GCC) and the Turkish Minister of Trade during the signing of the joint declaration to commence negotiations on the free trade agreement in Ankara last Thursday ( The Turkish Minister’s account on “X”)
The Secretary-General of the Gulf Cooperation Council (GCC) and the Turkish Minister of Trade during the signing of the joint declaration to commence negotiations on the free trade agreement in Ankara last Thursday ( The Turkish Minister’s account on “X”)
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Türkiye-Gulf Free Trade Talks Signal New Phase of Cooperation

The Secretary-General of the Gulf Cooperation Council (GCC) and the Turkish Minister of Trade during the signing of the joint declaration to commence negotiations on the free trade agreement in Ankara last Thursday ( The Turkish Minister’s account on “X”)
The Secretary-General of the Gulf Cooperation Council (GCC) and the Turkish Minister of Trade during the signing of the joint declaration to commence negotiations on the free trade agreement in Ankara last Thursday ( The Turkish Minister’s account on “X”)

Türkiye and the Gulf Cooperation Council (GCC) have taken a significant step in their economic ties by signing a joint declaration to start talks on a free trade agreement, an idea that’s been on the table for over 20 years.

Last Thursday in Ankara, Türkiye's Trade Minister Omer Bolat and GCC Secretary-General Jasim Mohammed Al-Budaiwi signed an agreement to begin negotiations for a free trade deal worth $2.4 trillion.

The aim is to create one of the world’s largest free trade zones, freeing up trade in goods and services and making it easier for investments. This move is strategic, given the changing global economic landscape.

This agreement reflects a positive shift in relations between Türkiye and the Gulf states, showing efforts to overcome past political differences and boost cooperation in various areas.

Al-Budaiwi praised the declaration as a sign of the strong bond between the GCC countries and Türkiye, emphasizing their significant role regionally and globally, especially in trade, economy, and finance.

Bolat expressed confidence in the upcoming negotiations for the free trade agreement, expecting them to wrap up swiftly.

In recent months, after Türkiye's elections in May, there have been several visits from Turkish officials to Saudi Arabia and the United Arab Emirates as relations normalize. Officials from both sides focused on boosting economic and trade ties.

In November, Istanbul hosted a Gulf-Turkish economic forum, highlighting investment opportunities. Ministers, officials, and businessmen attended from both sides.

During the forum, Türkiye's Treasury and Finance Minister, Mehmet Simsek, stressed that increased cooperation would lead to benefits like free trade agreements.

He also mentioned opportunities for diversifying Gulf production, boosting trade, and investing in sectors like tourism and construction.

During a meeting in Riyadh last February, Al-Budaiwi stressed the importance of boosting cooperation and signing a free trade agreement between Türkiye and the GCC. This is part of ongoing efforts to strengthen economic ties.

In March 2023, Türkiye and the GCC adopted a joint action plan for 2023-2027, showing their commitment to deepen relations.

Trade between Türkiye and the Gulf Cooperation Council reached $26 billion, but experts believe there's more economic potential.

Between 2002 and 2022, Gulf countries invested $11.4 billion in various Turkish sectors.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.