First Round of Free Trade Negotiations between Gulf States, Türkiye Begins in Ankara

The signing of the joint statement to begin negotiations on a free trade agreement between the GCC and Türkiye in March (Asharq Al-Awsat)
The signing of the joint statement to begin negotiations on a free trade agreement between the GCC and Türkiye in March (Asharq Al-Awsat)
TT

First Round of Free Trade Negotiations between Gulf States, Türkiye Begins in Ankara

The signing of the joint statement to begin negotiations on a free trade agreement between the GCC and Türkiye in March (Asharq Al-Awsat)
The signing of the joint statement to begin negotiations on a free trade agreement between the GCC and Türkiye in March (Asharq Al-Awsat)

Ankara is set to host on Monday the first round of negotiations for a free trade agreement between the Arab Gulf Cooperation Council and Türkiye.

The talks will extend over three days, with the participation of nine Saudi government agencies, and will focus on a number of topics related to trade in goods and services, investment, technical barriers to trade, and sanitary and phytosanitary measures.

Conferees are set to exchange information and data, discuss challenges and trade opportunities between the concerned parties, and build trust and partnership by identifying areas of cooperation and joint coordination, with the aim of reaching a final comprehensive agreement.

The Saudi government delegation, which is headed by the General Authority for Foreign Trade, includes the Ministries of Energy, Investment, Environment, Water, Agriculture, Industry and Mineral Resources, the Ministry of Economy and Planning, the Food and Drug General Authority, the Zakat, Tax and Customs Authority, the Saudi Standards, Metrology and Quality Authority, and the Export Development Authority.

The agreement, when implemented, will give a preferential advantage for the entry of national goods and services into the markets of all concerned parties, in addition to facilitating, encouraging and protecting investments, raising the volume of trade exchange and promoting economic growth and development in the member countries.

The GCC Secretary-General, Jassim Mohammed Al-Budaiwi, and the Turkish Minister of Trade, Omer Bolat, signed on March 21 a joint statement to launch the negotiations for a free trade agreement in Ankara, highlighting the two sides’ endeavor to develop their strategic partnership.

In a speech during the signing ceremony, Bolat said he was confident of the success of the talks.

He noted that the negotiations between his country and the GCC began in 2005, but were suspended in 2010, stressing that the bilateral economic relations will be more comprehensive and well-defined, and will offer opportunities for development and diversification.

Bolat added that Türkiye attached great importance to a comprehensive deal that regulates important areas such as trade in goods and services, intellectual property rights and customs procedures, as well as facilitating trade and developing cooperation between small and medium-sized companies.



Turkish Central Bank to Use All Instruments to Maintain Stability, Governor Tells Bank Executives

A police officer looks on from a vehicle, as people gather for a protest in support of Istanbul Mayor Ekrem Imamoglu, on the day Imamoglu was jailed as part of a corruption investigation, near the Istanbul Metropolitan Municipality building, in Istanbul, Türkiye, March 23, 2025. REUTERS/Murad Sezer
A police officer looks on from a vehicle, as people gather for a protest in support of Istanbul Mayor Ekrem Imamoglu, on the day Imamoglu was jailed as part of a corruption investigation, near the Istanbul Metropolitan Municipality building, in Istanbul, Türkiye, March 23, 2025. REUTERS/Murad Sezer
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Turkish Central Bank to Use All Instruments to Maintain Stability, Governor Tells Bank Executives

A police officer looks on from a vehicle, as people gather for a protest in support of Istanbul Mayor Ekrem Imamoglu, on the day Imamoglu was jailed as part of a corruption investigation, near the Istanbul Metropolitan Municipality building, in Istanbul, Türkiye, March 23, 2025. REUTERS/Murad Sezer
A police officer looks on from a vehicle, as people gather for a protest in support of Istanbul Mayor Ekrem Imamoglu, on the day Imamoglu was jailed as part of a corruption investigation, near the Istanbul Metropolitan Municipality building, in Istanbul, Türkiye, March 23, 2025. REUTERS/Murad Sezer

Türkiye's Central Bank will use all instruments within market rules effectively and decisively to maintain stability, Governor Fatih Karahan told bankers on Sunday, the Turkish Banks Association (TBB) said.
In a statement, TBB said that Karahan and TBB board members discussed recent market developments in a meeting on Sunday, after an Istanbul court formally arrested Istanbul Mayor Ekrem Imamoglu.
Turkish lira, stocks and bonds suffered heavy declines since Wednesday when Imamoglu, the main political rival to President Recep Tayyip Erdogan, was taken into custody.

Finance Minister Mehmet Simsek has told bankers that temporary market fluctuations were being monitored closely and necessary measures were being taken, according to a readout of a meeting from TBB.
The Central Bank this week raised its overnight rate unexpectedly and spent about $10 billion in foreign reserves on Wednesday to stabilize the currency, which plunged by 12% to an all-time low that day. Inflation was 39% last month.