Timely pact

Manama : In a major boost to the trade between Turkey and the GCC, senior Turkish officials have suggested for a free trade agreement between the two sides. “This is the right time to implement a free trade agreement between Turkey and the GCC,” they opined during the second GCC-Turkey Economic and Investment Forum, which began here yesterday. 

Minister of Customs and Trade Bulent Tufenkci, and President of Union of Chambers and Commodity Exchanges M. Rifat Hisarciklioglu represented Turkey in the forum. 

In his address, Tufenkci said: “Free-trade agreement between Turkey and the GCC is of particular importance. It will help to boost the trade volume. To implement this agreement, we will have to work together.” 

“Turkey is ready to share its experience and expertise. If you can accept Turkey as a brotherly country, you can always assist us and work together with us to ensure strong investment ties,” he said. 

Commenting on the forum, he added, “It’s an important platform to strengthen and develop business relations and identify new opportunities for investment. For us, the GCC has a special importance. Today we embrace each other, our common objective is to instil peace in the region.”

According to Hisarciklioglu, the benefits of implementing the free trade agreement will be huge. “For years we have been waiting to implement it. If we can conclude this pact, we will be able to create a $2.5 trillion economic bloc, which enjoys a consumer market of 130 million,” he pointed out.

Meanwhile, Speaking on the occasion, BCCI Chairman Khalid Al Moayed said, “The forum is a platform to help build stronger connection among the countries and overcome challenges together.

Earlier, Deputy Premier HH Shaikh Ali bin Khalifa Al Khalifa inaugurated the forum. The two-day event is patronised by Prime Minister HRH Prince Khalifa bin Salman Al Khalifa. 

It was jointly organised by the Bahrain Chamber of Commerce and Industry (BCCI), the Federation of GCC Chambers (FGCCC), and the Union of Chambers and Commodity Exchange of Turkey (TOBB). It aims to reinforce bilateral trade between the GCC and Turkey and stimulate investments and joint ventures. Around 250 delegates from Turkey and 500 businessmen from Bahrain and the GCC are attending the event.