Turkish Minister of Treasury and Finance Mehmet Simsek called on Arab countries not to be afraid to conclude free trade agreements with Ankara, stressing that such deals would strengthen relations between Türkiye and the Arab world.
Speaking at the International Arab Banking Summit in Istanbul on Thursday, Simsek said the customs union agreements between Türkiye and the European Union contributed to the development of the manufacturing industry in his country.
“I believe that we should take advantage of the opportunities provided by free trade agreements. We are open to cooperation with our Arab neighbors. Together, we can develop ports and create new facilities, tourism can be revived, and we can also support each other with regard to human resources,” he remarked.
The minister went on to say that Türkiye is a country with a diversified economy, capable of competing in the areas of production, added value and technology, and acts as a bridge between Europe and Central Asia.
He added that the Arab world has rich and diverse resources, and enjoys a budget surplus, especially in the Gulf countries.
Simsek noted that Ankara and the Arab capitals can develop strong partnerships in the fields of tourism, construction and defense industries, and can implement mutually beneficial projects in trade and investment.
Meanwhile, Türkiye’s Central Bank on Thursday left the benchmark one-week repo rate unchanged at 50 percent for the second consecutive meeting, matching with market expectations.
“Considering the lagged effects of the monetary tightening, the (Monetary Policy) Committee decided to keep the policy rate unchanged, but reiterated that it remains highly attentive to inflation risks,” the bank said in a statement.
The bank added that it terminated the securities maintenance practice, within the scope of simplifying the macroprudential framework and enhancing the functionality of the market mechanism.
