Saudi Arabia Joins First Round of GCC-Türkiye FTA Negotiations

KSA, 30 July, 2024 : The inaugural round of free trade agreement (FTA) negotiations between the GCC countries and Türkiye is set to take place from July 29-31, 2024, in Ankara, Türkiye. Saudi Arabia will participate with a delegation comprising nine government agencies.

Key topics for this initial round include trade in goods and services, investment, rules of origin, technical barriers to trade, and sanitary and phytosanitary measures. The goal is to establish the guiding principles, framework for future negotiations, and objectives for finalizing the agreement promptly.

The discussions aim to facilitate information exchange, address trade challenges and opportunities, and build confidence and partnership through cooperation and joint coordination. This foundation is expected to pave the way for subsequent rounds to achieve a comprehensive final agreement.

This negotiation follows the signing of the Joint Statement to initiate Free Trade Negotiations between the GCC and Türkiye on March 21, 2024, reflecting a mutual desire to develop a strategic partnership.

The FTA seeks to provide preferential access for national products and services, liberalize most goods and services, facilitate investment, and increase trade between the countries, promoting economic growth and development in member countries.

Saudi Arabia's delegation, led by the General Authority for Foreign Trade, includes representatives from the Ministries of Energy, Investment, Environment, Water and Agriculture, Industry and Mineral Resources, Economy and Planning, as well as the Saudi Food and Drug Authority, Zakat, Tax and Customs Authority, and Saudi Standards. The team will ensure alignment with the Kingdom's trade objectives and policies, participate in negotiations, and coordinate with countries that have similar international trade trends.

Source : www.saudigazette.com.sa