GCC and Turkey to sign trade agreement
Gulf News
Saturday, Feb 20, 2010
Gulf News
Manama A free trade agreement between the Gulf Cooperation Council (GCC) and Turkey will be signed before the end of this year, Turkey's Finance Minister Mehmet Simsek said.
The minister told reporters in Manama that negotiations on the free trade agreement have been going on for almost four years and expressed confidence that trade in the region would benefit from the deal.
Simsek, who arrived in Manama last week to co-chair the meeting of the Joint Economic Commission (JEC), has been discussing with Bahraini leaders business issues, global economic developments as well as ways to boost trade and investments between the two countries.
According to Turkish media, the volume of trade between Turkey and Bahrain increased to $404 million (Dh1.5 billion) in 2008, up from $72 million in 2004.
Preferential trade
Simsek has also emphasised the significance of the development of a preferential trade system for Organisation of Islamic Conference (OIC) countries, Turkish daily Today's Zaman reported on Thursday.
"The minister said the organisation would finalise the project by the end of this year.
"The parties have been working on a preferential trade system, which envisages a transition to a three-step tax reduction system among Muslim countries," the paper said.
The plan requires the approval of at least 10 member states in order to be launched.
In November, Turkish President Abdullah Gul urged the leaders of the OIC member states to do "whatever is required to complete the ratification of a preferential trade agreement that aims to boost trade among Islamic countries and increase their interdependence."
At an OIC energy summit he said the trade agreement, already accepted by four countries, must be ratified by another six before it could come into force.
According to the action plan approved in 2005 by the OIC, the target for 2015 was expected to increase trade volume among OIC countries to 20 per cent of their foreign trade.
By Habib Toumi
Gulf News
Saturday, Feb 20, 2010
Gulf News
Manama A free trade agreement between the Gulf Cooperation Council (GCC) and Turkey will be signed before the end of this year, Turkey's Finance Minister Mehmet Simsek said.
The minister told reporters in Manama that negotiations on the free trade agreement have been going on for almost four years and expressed confidence that trade in the region would benefit from the deal.
Simsek, who arrived in Manama last week to co-chair the meeting of the Joint Economic Commission (JEC), has been discussing with Bahraini leaders business issues, global economic developments as well as ways to boost trade and investments between the two countries.
According to Turkish media, the volume of trade between Turkey and Bahrain increased to $404 million (Dh1.5 billion) in 2008, up from $72 million in 2004.
Preferential trade
Simsek has also emphasised the significance of the development of a preferential trade system for Organisation of Islamic Conference (OIC) countries, Turkish daily Today's Zaman reported on Thursday.
"The minister said the organisation would finalise the project by the end of this year.
"The parties have been working on a preferential trade system, which envisages a transition to a three-step tax reduction system among Muslim countries," the paper said.
The plan requires the approval of at least 10 member states in order to be launched.
In November, Turkish President Abdullah Gul urged the leaders of the OIC member states to do "whatever is required to complete the ratification of a preferential trade agreement that aims to boost trade among Islamic countries and increase their interdependence."
At an OIC energy summit he said the trade agreement, already accepted by four countries, must be ratified by another six before it could come into force.
According to the action plan approved in 2005 by the OIC, the target for 2015 was expected to increase trade volume among OIC countries to 20 per cent of their foreign trade.
By Habib Toumi