Minister of Commerce Ömer Bolat, in his speech at the "Gulf Cooperation Council Free Trade Agreement Joint Declaration Signing Ceremony" held at the Ministry, agreed with GCC Secretary General Casim Muhammed el-Budeyvi on a decision aiming at a comprehensive FTA that will take the rapidly developing relations with the Gulf countries to the next level. He said they signed it.
“WE ARE TRYING TO OPEN NEW OPPORTUNITIES FOR OUR PRIVATE SECTOR”
Bolat; He stated that they attach importance to finalizing a comprehensive agreement regulating important areas such as trade in goods and services, intellectual property rights, customs procedures and trade facilitation, and development of cooperation between SMEs.
Stating that they aim to make a serious contribution to the welfare of Turkey and the GCC countries with the completion of the negotiation process and the entry into force of the agreement, Bolat said:
“Under the leadership of our President, we are initiating negotiations with the vision of developing and supporting our economic relations. "The bilateral and multilateral contacts and agreements reached during our visit to the Gulf geography under the chairmanship of our President in July last year undoubtedly played an important role in the resumption of free trade agreement negotiations."
Bolat pointed out that following these contacts, there were many visits between Turkey and Gulf countries officials, and stated that they attended EXPO 2023, which was held in Doha, the capital of Qatar, in October last year and had important business meetings with Qatari business people.
Minister of Trade Ömer Bolat reminded that in December 2023, High Level Strategic Cooperation Council meetings were held in Doha under the chairmanship of President Recep Tayyip Erdoğan.
Reminding that the 1st Term Economy and Trade Joint Commission (ETOK/JETCO) meeting between the delegations of Turkey and the United Arab Emirates was held in Istanbul, Bolat stated that an important forum was held here among business people.
Bolat underlined that they strive to support the private sector against difficult conditions in the ever-changing global economic conjuncture that fluctuates with crises and said, "In this context, as the state, we are trying to open new opportunities for our private sector by signing inclusive trade agreements." said.
“TOTAL GDP OF GCC MEMBERS IS OVER 2,4 TRILLION DOLLARS”
Bolat stated that the steps taken continue to achieve successful results and made the following statements:
“Our country's gross domestic product (GDP) will exceed the 2023 trillion dollar mark for the first time in the 100-year history of the Republic in 1, rising to 1 trillion 118 billion dollars. GCC member countries, like Turkey, have made significant economic developments in recent years. The total GDP of GCC members is over $2,4 trillion. "According to the estimates made by international organizations, this figure is expected to reach 2050 trillion dollars in 6."
Stating that these developments are also reflected in bilateral trade figures, Bolat said, “Turkey's trade volume with the Gulf Cooperation Council member countries, which was 2002 billion dollars in 2,1, increased to 2022 billion dollars in 22,7 and 2023 billion dollars in 31,4.” .” shared his knowledge.
Emphasizing that the total foreign trade volume of Turkey and the six Gulf countries is over 2,4 trillion dollars, Bolat said that it is obvious how important and large a commercial cooperation will be realized with the signing of the FTA. Bolat said, “In line with the multidimensional aspect of our relations, we foresee that our agreement will not be limited to trade in goods.” made his assessment.
“I BELIEVE THE NEGOTIATIONS WILL BE COMPLETED ASAP”
Explaining that many Turkish companies that have become global brands in various service sectors, from contracting to tourism, have accomplished successful works in the Gulf countries, Bolat said, "The Turkish contracting sector has undertaken 77,5 projects with a total value of 856 billion dollars in GCC member countries to date and completed them all." said.
Bolat stated that Turkey has important commercial partners in the Gulf Region and that the region is an important financial center for companies doing business in Africa and South Asia, and said:
“We have no doubt that comprehensive FTAs to be signed between our friendly countries will play a key role in further deepening our relations and contributing to the welfare of our people. As the Minister of Trade, I would like to emphasize my belief that the negotiations will be completed as soon as possible. “I see today as a new beginning and I hope that this beginning will be beneficial for Turkey and the GCC member countries.”
