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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)
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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.

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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.