Speaking to reporters during an official visit to the capital of Bahrain on Wednesday, Şimşek recalled that work has been under way to forge a free trade agreement between Turkey and the GCC for almost four years. The minister emphasized that bilateral trade between Turkey and Bahrain would benefit from such an agreement.
Having arrived in Manama on Wednesday, Şimşek met with Bahrain’s prime minister, Sheikh Khalifa Bin Salman. Discussing work on the development of a preferential trade system for Organization of the Islamic Conference (OIC) member countries, the minister said the organization would finalize 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. To be launched, the plan requires the approval of at least 10 member states.
The minister said the realization of the two projects would foster bilateral trade among Turkey and the GGC and OIC countries.
