Turkish-Arab Economic Forum Calls for Raising Level of Regional Trade Integration

Turkish Minister of Treasury and Finance Mehmet Semsek participates in the forum, along with the Egyptian Minister of Finance, the Kuwaiti Minister of Oil and the Minister of State and President of Qatari Free Zones. (Asharq Al-Awsat)
Turkish Minister of Treasury and Finance Mehmet Semsek participates in the forum, along with the Egyptian Minister of Finance, the Kuwaiti Minister of Oil and the Minister of State and President of Qatari Free Zones. (Asharq Al-Awsat)
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Turkish-Arab Economic Forum Calls for Raising Level of Regional Trade Integration

Turkish Minister of Treasury and Finance Mehmet Semsek participates in the forum, along with the Egyptian Minister of Finance, the Kuwaiti Minister of Oil and the Minister of State and President of Qatari Free Zones. (Asharq Al-Awsat)
Turkish Minister of Treasury and Finance Mehmet Semsek participates in the forum, along with the Egyptian Minister of Finance, the Kuwaiti Minister of Oil and the Minister of State and President of Qatari Free Zones. (Asharq Al-Awsat)

The Turkish-Arab Economic Forum called for speeding up efforts to raise the level of trade integration between the countries of the region, as the volume of the global economy and trade is witnessing a contraction with the increase in geopolitical risks and conflicts.

Turkish Treasury and Finance Minister Mehmet Semsek said that the competition between the United States and China, as a rising power, has caused fragmentation in trade, and increased protectionism and geopolitical tensions.

His remarks came during a forum in Istanbul under the slogan, “A New Phase in Cooperation,” held by the Investment Office of the Turkish Presidency, in cooperation with the Union of Turkish Chambers and Stock Exchanges.

“At a time like this, it was generally believed that regional trade integration was happening faster, but when we look at our region, trade integration within it is the lowest in the world,” the minister stated.

He added that the efforts should be exerted to solve political and geopolitical problems, which would in turn help increase regional trade integration.

Among the attendees were Egyptian Minister of Finance Mohamed Maait, Kuwaiti Deputy Prime Minister, Minister of Oil, Minister of State for Economic Affairs and Investment, Saad Al-Barrak, and Qatari Minister of State, Head of the Free Zones Administration, Ahmed Al-Sayed.

Maait stressed that the volume of trade between the countries of the region was very low, compared to Europe.

“We must think about the reasons, and we also need to look at the tools we have and compare them to those used in other regions,” he underlined.

He added that the situation would improve a lot if the private sector was given the task of leadership and integration.

In turn, Al-Barrak said that governments have the duty to create the appropriate environment and support the projects of the private sector, pointing out that the real role of the state was to regulate and ensure the progress of companies.

The Qatari minister, for his part, pointed to an enormous potential in the region, which he said must enable countries to carry out international trade with great ease.

In this context, he underlined the need to identify obstacles that prevent achieving a greater integration rate despite the existing potential.

In a speech at the beginning of the forum, the head of the Turkish Presidency’s Investment Office, Burak Daglioglu, said his country has been moving ahead on the right path in cooperation with Arab countries since 2003.

He stated that the volume of trade between Türkiye and the Arab countries 20 years ago was $5 billion, representing 10 percent of total Turkish exports, and rose in 2023 to more than $45 billion, which constitutes 20 percent of the country’s exports.

In turn, the secretary-general of the Union of Arab Chambers, Khaled Hanafy, stressed that the economic cooperation between Ankara and Arab capitals were witnessing continuous growth. He noted that Arab investments in Türkiye were constantly increasing, especially in the field of real estate.



Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
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Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.


India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.