Saudi Arabia participates in the first round of negotiations on the free trade agreement between the Gulf Cooperation Council and Turkey

SPA added that the first round of negotiations will be held during the period from July 29 to 31, 2024.

She said that the first round of negotiations “will discuss many topics in trade in goods, services, investment, rules of origin, technical barriers to trade, and sanitary and phytosanitary measures. This round aims to agree on the principles on which negotiations will proceed in the aforementioned topics, in addition to setting the framework for the upcoming negotiating rounds and their desired objectives in an effort to conclude the negotiations as soon as possible.”

This round also aims to “exchange information and data, discuss challenges and commercial opportunities between the participating parties, and build trust and partnership by identifying areas of cooperation and joint coordination, paving the way in the upcoming rounds to reach a comprehensive final agreement,” according to SPA.

The agency said, “This tour comes as an extension of the signing of the joint statement to start negotiations on free trade between the GCC countries and Turkey, which was signed between the General Secretariat and the Turkish side on March 21, 2024, which is an indication of the desire of the member states to develop the strategic partnership.”

The agreement is expected to provide a preferential advantage for the access of national products of goods and services in the markets of all parties by liberalizing most goods and services, in addition to facilitating, encouraging and protecting investments, increasing the volume of trade exchange between the two countries, and enhancing economic growth and development in the member states.

Saudi Arabia is participating in this tour with a government delegation headed by the General Authority for Foreign Trade, with the participation of: the Ministry of Energy, the Ministry of Investment, the Ministry of Environment, Water and Agriculture, the Ministry of Industry and Mineral Resources, the Ministry of Economy and Planning, the General Authority for Food and Drug, the Zakat, Tax and Customs Authority, the Saudi Standards, Metrology and Quality Organization, and the Saudi Export Development Authority.

It is noteworthy that the Saudi negotiating team, headed by the General Authority for Foreign Trade, is working to supervise and follow up on the progress of trade negotiations to “ensure their compatibility with the Kingdom’s trade objectives and policies, participate in trade negotiations to include the Kingdom’s negotiating positions, and coordinate with countries with similar or similar orientations in international trade.”

Source: “SPA”