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Turkey Seeks Free Trade Agreement with GCC | ASHARQ AL-AWSAT English Archive 2005 -2017
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Turkish Development Minister Lutfi-Elvan Acik.jpg

Ankara – Turkish Minister of Developmentr Lutfi Elvan has revealed during his tour across the GCC that his country seeks to hammer a free trade agreement with the Gulf countries; Elvan who has kicked off his tour in Kuwait, said that inking such an agreement will have a remarkable significance.

The Minister met officials in Barkan Bank and Kuwaiti businessmen; during discussions, he noted that trade exchange between both countries has reached USD700 million and said that it should be boosted.

Elvan has pointed that the phase of the post-coup attempt has reflected the strength of the Turkish economy, saying that most credit classifications have asserted that Turkey is a good environment for investments except for Standard & Poors, which have prejudgments against Turkey, according to the minister.

The Minister of Development added that the flow of foreign capitals to his country is constant and that it reached USD16.9 billion in 2015. He said that investments of Kuwaiti businessmen have reached USD2 billion, and that Turkish contracting companies have reached USD6.3 billion investments in Kuwait; he also greeted the Kuwaiti government and Limak Group for their new contract project to expand Kuwait International Airport.

Levan said that his visit to Kuwait aims at explaining the failed coup attempt that took place in his country and at enhancing trade relations between the two countries.

The minister met his Kuwaiti counterpart, Hind Subaih Barrak Al-Subaih and called for a free trade agreement between his country and the GCC.

Elvan has arrived in Doha on Wednesday, where he met the Qatari PM, Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al Thani and discussed bilateral relations and means to develop and enhance them.

The visit of Turkish minister to Doha has come two weeks after the Qatari PM’s visit to Ankara on the 7th of September, where he met President Recep Tayyip Erdoğan and PM Binali Yildirim.

Trade exchange between Turkey and Qatar has reached SD300 million in 2015, which is expected to increase amid the developing cooperation between both countries.

On another hand, the total long-term debt of private sector in Turkey has risen during the past seven months to USD206.6 billion. However, short-term debts have retreated to USD18.6 billion since July.

According to the Turkish Central Bank, the net foreign debt o the country has reached USD402.4 billion by the beginning of 2015 compared with USD369.8 billion by the end of September 2014.