RIYADH: Turkiye will hold the first round of negotiations of the Free Trade Agreement with Gulf Cooperation Council states during a three-day event to enhance economic exchange in goods, services, and investment.
The meeting, set to be held July 29-31 in Ankara, will include the participation of nine Saudi government agencies and will focus on information and data, trade challenges, opportunities among the parties, and building confidence and partnership through cooperation and joint coordination.
The gathering paves the way for reaching a comprehensive final agreement in the next rounds, the Saudi General Authority of Foreign Trade said in a statement on July 28.
The negotiations will address additional topics, including the rules of origin, technical barriers to trade, and sanitary and phytosanitary measures. The aim is to agree on the principles guiding the discussions, establish a framework for future bargaining rounds, and finalize the talks as soon as possible.
This round is set to extend the signing of a joint statement to initiate free trade negotiations between the GCC countries and Turkiye, which was initiated between the bloc’s general secretariat and the Turkish side on March 21, indicating the parties’ desire to develop a strategic partnership.
The statement said that the agreement provides a preferential advantage for national products and services to access the markets of all parties by liberalizing most goods and services.
It also facilitates, encourages, and protects investments, increases trade between the countries, and promotes economic growth and development in the member nations.
The Saudi General Authority of Foreign Trade will head the Kingdom’s delegation to the event, which will include the ministries of energy, investment, and environment, water, and agriculture.
Other Saudi participating ministries and authorities include the Ministry of Industry and Mineral Resources, the Ministry of Economy and Planning, the Saudi Food and Drug Authority, the Zakat, Tax and Customs Authority, and the Saudi Standards, Metrology and Quality Organization.
The Kingdom’s negotiating team oversees and monitors trade talks to ensure they are consistent with Saudi Arabia’s objectives and policies. It also participates in discussions to incorporate the nation’s negotiating positions and coordinates with countries with similar trends in international exchange.
