On July 29, Turkey and the members of the Gulf Cooperation Council (GCC), which includes Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman, and Bahrain, began their first round of free trade agreement negotiations. The talks, which are being held in the Turkish capital Ankara, are expected to continue through July 30-31.
If the discussions are successful, it is anticipated that one of the largest free trade areas in the world, valued at $2.4 trillion, would be formed.
In addition, it is expected that, once the present negotiations come to an end, the partner countries and companies will have a free trade agreement that outlines a strategy for lowering trade barriers, facilitating international trade and developing business relationships.