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- October 13, 202618°
- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,191.80+0.03%
- INTEREST37.00%-1.00
- BITCOIN81,430-0.40%
- October 13, 202618°
Turkey and Saudi Arabia Sign Joint Action Plan to Facilitate Trade
A Joint Action Plan has been signed between Turkey and Saudi Arabia to facilitate trade. The agreement aims to strengthen economic ties between the two countries and increase trade volume.
A Joint Action Plan has been signed between Turkey and Saudi Arabia to facilitate trade. The agreement aims to strengthen economic ties between the two countries and increase trade volume.
Signed protocols include the 'Protocol of the 2nd Term Meeting of the Trade, Industry, Investment, Infrastructure and Energy Committee'. Additionally, memorandums of understanding were signed for cooperation in logistics services and railway sectors.
With the resolution of transit visa issues, the passage of Turkish truck drivers through Saudi Arabia to the Gulf region has been facilitated. This step will contribute to accelerating trade between the two countries.
While Saudi Arabia's 'Vision 2030' and Turkey's production and export-oriented growth strategies overlap, both countries agreed to benefit from mutual investment opportunities. The development of trade volume, intensification of mutual visits between public and private sector officials, and organization of trade events through the Turkey-Saudi Arabia Business Council were emphasized.
The importance of concluding the Free Trade Agreement negotiations between Turkey and the Gulf Cooperation Council (GCC) countries was once again brought to the agenda. Minister of Trade Ömer Bolat stated that a transit trade agreement was made with Saudi Arabia to revive trade disrupted due to security risks in the Strait of Hormuz.
Minister of Transport and Infrastructure Abdulkadir Uraloğlu stated that, in the sensitive process the region is going through, the uninterrupted functioning of trade and the logistics chain is critical, and that removing obstacles before the transport sector is a strategic necessity.
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