Türkiye Invites Arab Countries to Sign Bilateral Free Trade Agreements

Turkish Minister of Treasury and Finance Mehmet Simsek speaking during the Arab-Turkish Banking Summit in Istanbul. (Asharq Al-Awsat)
Turkish Minister of Treasury and Finance Mehmet Simsek speaking during the Arab-Turkish Banking Summit in Istanbul. (Asharq Al-Awsat)
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Türkiye Invites Arab Countries to Sign Bilateral Free Trade Agreements

Turkish Minister of Treasury and Finance Mehmet Simsek speaking during the Arab-Turkish Banking Summit in Istanbul. (Asharq Al-Awsat)
Turkish Minister of Treasury and Finance Mehmet Simsek speaking during the Arab-Turkish Banking Summit in Istanbul. (Asharq Al-Awsat)

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.



Bahrain’s Jassim Alshirawi Elected Secretary General of International Energy Forum

Meeting of the IEF, chaired by Mohamed Kurdi of Saudi Arabia in Rome (IEF website)
Meeting of the IEF, chaired by Mohamed Kurdi of Saudi Arabia in Rome (IEF website)
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Bahrain’s Jassim Alshirawi Elected Secretary General of International Energy Forum

Meeting of the IEF, chaired by Mohamed Kurdi of Saudi Arabia in Rome (IEF website)
Meeting of the IEF, chaired by Mohamed Kurdi of Saudi Arabia in Rome (IEF website)

The Executive Board of the International Energy Forum (IEF) elected on Tuesday Jassim Alshirawi of Bahrain as the sixth IEF Secretary General at a meeting chaired by Mohamed Kurdi of Saudi Arabia in Rome.

Alshirawi will start his term as Secretary General on January 1, 2025 when the term of current Secretary General Joseph McMonigle ends.

“I am honored by the Executive Board's confidence in electing me as the organization’s next Secretary General,” Alshirawi said in a statement.

“I look forward to working with the board and Secretariat staff to facilitate and strengthen the dialogue of important energy issues and challenges facing our member countries,” he added.

Alshirawi had a distinguished career spanning more than 40 years in the energy industry, sustainability and energy efficiency, covering areas of engineering, management, and policy development and implementation.

Alshirawi was a member of the IEF's Executive Board from 2014 until 2021 and has been a member of the IEF's International Support Group since 2008.

He will be the first IEF Secretary General from the Middle East and North Africa region.

The IEF is the world's largest gathering of energy ministers from both producing and consuming countries as well as transit states.

Its membership represents 90% of global supply and demand for oil and gas.

The Secretary General serves as Chief Executive and Head of Mission of the IEF, which is headquartered in the Diplomatic Quarter of Riyadh, Saudi Arabia.

On Tuesday, the US Department of Energy congratulated Alshirawi on his election as the sixth Secretary General of the IEF.

“We look forward to working with him to advance a robust energy consumer-producer dialogue and help meet our collective energy security, access, and transition goals,” it wrote on X.