Newsletters
Türkiye has established an ambitious $15 billion trade target with Gulf countries following President Recep Tayyip Erdogan's three-day visit to Kuwait, Qatar, and Oman this week, the Turkish Trade Ministry announced Friday.
Trade Minister Omer Bolat accompanied Erdogan during the Oct. 21-23 tour aimed at strengthening economic ties and advancing negotiations on a comprehensive free trade agreement between Türkiye and the Gulf Cooperation Council.
The proposed Türkiye-GCC agreement would encompass trade in goods and services, investments, and digital commerce — sectors that have seen significant growth between the regions in recent years.
Türkiye's trade relationship with GCC nations reached $27.7 billion in 2024, with Turkish exports totaling $14.7 billion and imports from Gulf countries at $13 billion. This year, 16% of Türkiye's trade volume with the GCC has come from the three countries visited: Kuwait at $713 million, Qatar at $1.1 billion, and Oman at $1.3 billion.
Bolat held direct negotiations with Qatari Commerce and Industry Minister Sheikh Faisal bin Sani Al Sani and Oman's Commerce, Industry, and Investment Promotion Minister Qais Mohammed Al Yousef to advance the free trade framework.
The Trade Ministry highlighted significant opportunities for Turkish contractors and investors within the Gulf region's long-term development strategies, including Kuwait Vision 2035, Qatar National Vision 2030, and Oman Vision 2040. These plans prioritize infrastructure and superstructure projects where Turkish firms have established expertise.
Turkish contracting companies have completed 315 projects worth $37.5 billion across the three countries to date and are positioned to play a central role in future development initiatives.
The ministry identified several key areas for expanded cooperation, including the Development Road project — an infrastructure corridor connecting the Gulf to Europe — and potential collaboration on Syria's reconstruction efforts between business communities in Kuwait, Qatar, Oman, and Türkiye.
During the visit, ministers also signed a memorandum of understanding on protecting competition and preventing monopolization. Bolat, along with Turkish Industry and Technology Minister Mehmet Fatih Kacir and Oman's Al Yousef, discussed strengthening cooperation in industrial zones and identifying new trade and investment opportunities through expert exchanges.
The second round of negotiations for the Türkiye-Qatar Joint Economic and Trade Committee is scheduled to take place in Doha.
"Our priority is to take our relations to the next level and increase Türkiye's trade volume with Kuwait, Qatar, and Oman to $5 billion each," the Turkish Trade Ministry said in its statement.
1 min read
2 min read
