The Gulf Cooperation Council (GCC) has inked a joint statement with Turkey to initiate trade liberalization talks, according to a statement released on Thursday. The agreement was signed in Ankara by GCC Secretary General Jasem Mohamed Albudaiwi and Turkish Trade Minister Omer Bolat. “The agreement will liberalize trade in goods and services, facilitate investments and trade, and increase [Turkey’s] trade with the region,” Bolat said in a statement, adding that he believes the agreement could lead to the creation of one of the world’s largest free trade areas.

Background: The UAE and Turkey inked last year a comprehensive economic partnership agreement to boost trade between them. The agreement came into effect in September 2023.