RIYADH — The first round of free trade agreement negotiations between the GCC countries and Türkiye will take place from July 29–31, 2024, in Ankara, Türkiye, with the participation of nine Saudi government agencies.
This initial round of negotiations will cover various topics including trade in goods, services, investment, rules of origin, technical barriers to trade, and sanitary and phytosanitary measures. The goal is to establish the guiding principles for the negotiations, set the framework for future rounds, and outline objectives to finalize the agreement promptly.
The negotiations aim to facilitate the exchange of information and data, discuss trade challenges and opportunities, and build confidence and partnership through cooperation and joint coordination. This foundation will pave the way for subsequent rounds to achieve a comprehensive final agreement.
This round follows the signing of the Joint Statement to initiate Free Trade Negotiations between the GCC countries and Türkiye on March 21, 2024, reflecting a mutual desire to develop a strategic partnership.
The agreement seeks to provide preferential access for national products and services in the markets of all parties by liberalizing most goods and services, facilitating, encouraging, and protecting investments, and increasing trade between the countries. It also aims to promote economic growth and development in member countries.
The Kingdom's delegation to this round is led by the General Authority for Foreign Trade and includes representatives from the Ministry of Energy, Ministry of Investment, Ministry of Environment, Water and Agriculture, Ministry of Industry and Mineral Resources, Ministry of Economy and Planning, Saudi Food and Drug Authority, Zakat, Tax and Customs Authority, and Saudi Standards.
The Saudi negotiating team will oversee and monitor the trade negotiations to ensure alignment with the Kingdom's trade objectives and policies, participate in the negotiations to incorporate the Kingdom's positions, and coordinate with countries that have similar trends in international trade. — SG
