Turkey and Saudi Arabia strengthen economic partnership with a new agreement
A new agreement in Brussels between Ankara and Riyadh aims to expedite customs procedures, enhance trade exchange, and improve the efficiency of transport corridors between the two countries
Turkey and the Kingdom of Saudi Arabia have signed a joint action plan aimed at enhancing and facilitating trade between the two countries, on the sidelines of the World Customs Organization Council meetings held in the Belgian capital, Brussels.
According to Anadolu Agency, Turkish Deputy Minister of Trade Sezai Uçarmak held a meeting with the Governor of the Saudi Zakat, Tax and Customs Authority, Suhail bin Mohammed Abanmi, during which ways to enhance customs cooperation between the two sides were discussed.
The talks focused on improving transit land transport corridors from Turkey toward the Gulf region, supporting the implementation of the international road transport system, and easing procedures related to bilateral and regional trade.
The meeting concluded with the signing of a joint action plan aimed at accelerating mutual recognition of “Authorized Economic Operator” (AEO) programs between the two countries, helping simplify customs procedures, improve the flow of goods, and boost trade exchange.
Economic relations between Ankara and Riyadh have been growing steadily in recent years, supported by a series of agreements and mutual investments. Trade volume between the two countries has reached around $6.3 billion according to the latest figures.
The data also indicates that Saudi Arabia has attracted around 390 Turkish companies to invest in its market. This as the two sides sign 10 agreements in various investment fields during joint business forums.
The institutional framework for cooperation between the two countries dates back to 2016, with the signing of the agreement to establish the Saudi-Turkish Coordination Council, with the aim of developing political, economic, defense, and security relations, and enhancing joint consultation and coordination between Riyadh and Ankara.