Arab News, Mon, Jul 29, 2024 | Muharram 23, 1446
Turkiye to host 1st round of free trade pact negotiations with GCC states
Saudi Arabia:
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.