GCC States, Turkiye Pin High Hopes On Free Trade Zone

(MENAFN- Kuwait News Agency (KUNA)) ANKARA, Aug 1 (KUNA) -- Ongoing negotiations between Turkiye and the Gulf Cooperation Council (GCC) States aim to set up one of the largest free trade zones in the world, said Turkish officials on Thursday.
Citing some officials who spoke on condition of anonymity, Anadolu Ajansi said when a free zone deal is signed between Turkiye and the GCC members, the two sides will have one of the main free trade zones in the world.
The volume of trade between Turkiye and GCC states hit USD 31.5 billion by 2023, it revealed.
Turkiye and the GCC aim to sign a deal suitable for global economic conditions to provide new opportunities for the private sector, it said.
Ankara seeks to boost its exports to Gulf countries, mainly agriculture and technology, through a free trade zone deal whose first round of negotiations began two days ago, it stated.
Many Turkish companies have become global trademarks in varied sectors, including telecommunications, contracting and health tourism that play active roles in the Gulf countries.
It elaborated that Turkish contracting sector has accomplished so far 856 projects worth USD 77.5 billion in GCC states.
It went to say that the GCC states further aim to invest in Turkiye's food, logistics, transportation, pharmaceutical, hospital management, infrastructure and technology sectors.
The two sides will continue negotiations via the Internet, and they will meet in Riyadh in the last quarter of this year for the second round of the talks. (end)
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