Türkiye, Gulf countries set $15 billion trade target after Erdoğan's tour

ANKARA

Türkiye and Gulf countries have established a $15 billion trade target following President Recep Tayyip Erdoğan's recent visit to Kuwait, Qatar and Oman, the Turkish Trade Ministry announced on Friday.

Trade Minister Ömer Bolat joined Erdoğan on the October 21-23 tour to bolster economic and commercial links, as well as broaden cooperation with Gulf nations.

Negotiations advanced on the Türkiye-Gulf Cooperation Council (GCC) Free Trade Agreement, encompassing trade in goods and services, investments, digital trade and related investments.

Last year, Türkiye's exports to GCC countries totaled $14.7 billion, with imports at $13 billion, resulting in a combined trade volume of $27.7 billion.

In 2025, 16 percent of Türkiye's trade with GCC countries involved Kuwait at $713 million, Qatar at $1.1 billion and Oman at $1.3 billion, according to the ministry.

Bolat held talks with Qatari Commerce and Industry Minister Sheikh Faisal bin Sani Al Sani and Oman's Commerce, Industry and Investment Promotion Minister Qais Mohammed Al Yousef to push forward the Türkiye-GCC FTA.

The ministry highlighted opportunities for Turkish contractors and investors in the Gulf through initiatives like Kuwait Vision 2035, Qatar National Vision 2030 and Oman Vision 2040, focusing on infrastructure and superstructure projects.

Turkish contractors have completed 315 projects worth $37.5 billion in the three countries to date and will continue contributing to their development plans.

The Trade Ministry plans to strengthen its institutions to capitalize on regional and global prospects.

Key cooperation areas include the Development Road project linking the Gulf to Europe, effective business partnerships and opportunities in Syria's reconstruction involving Kuwait, Qatar, Oman and Türkiye.

The second round of Türkiye-Qatar Joint Economic and Trade Committee (JETCO) negotiations is scheduled for Doha.

Bolat, along with Turkish Industry and Technology Minister Mehmet Fatih Kacir and Al Yousef, discussed building institutional capacity in priority sectors through expert exchanges, enhancing industrial zone collaboration and pinpointing trade and investment opportunities.

The ministers signed a memorandum of understanding on competition protection and anti-monopolization measures.

"Our priority is to elevate our relations and boost Türkiye's trade volume with Kuwait, Qatar and Oman to $5 billion each," the ministry stated.