Qatar and Turkey signed yesterday a comprehensive and unique commercial and economic partnership agreement to expand and boost cooperation in a wide-range of sectors between the two friendly countries.
The landmark agreement is expected to raise the rates of economic growth, productive efficiency and investment flow in both countries significantly.
The agreement aims at promoting trade exchange and ease restrictions on investments, trade in services and electronic commerce (e-commerce), cooperation in the fields of customs, education, research and development, capacity building, hosting exhibitions, forums and conferences on enhancing economic ties.
The agreement was signed by H E Sheikh Ahmed bin Jassim Al Thani, Minister of Economy and Commerce, and his Turkish counterpart Ruhsar Pekcan, Minister of Trade of the Republic of Turkey.
The Qatari Minister is currently on an official visit to Turkey, and the members of his accompanying trade delegation were also present at during the event.
Both the leaders held a meeting and reviewed the bilateral relations between the two countries and aspects of joint cooperation, especially those related to the field of economic, trade and investment, and they also discussed means of enhancing them.
The agreement is the first of its kind signed by Qatar with a business partner.
It comes as a culmination of the efforts of a number of stakeholders in the country such as the Ministries of Economy, Trade, Foreign Affairs, Energy, Industry, Justice, Qatar Central Bank and General Administration of Customs.
Following the signing of the agreement, Sheikh Ahmed said that the Qatari-Turkish relations witnessed a growing development and continuous cooperation in various fields, especially in trade, economic and investment fields, adding that this agreement will increase the volume of trade exchange and facilitate the flow of goods, services, and investments between the two countries.
The agreement, which is the first partnership agreement signed by the State of Qatar with an important trading partner such as Turkey, will increase the economic growth and productivity of the two countries and will lead to increased economic cooperation between the two countries.
Qatar and Turkey have close economic and trade relations, which have reflected positively on the volume of trade exchange, which during the past five years, has reached more than QR24bn. Turkey is the ninth source of imports of Qatar.
The trade volume of 2018 is expected to increase by more than 30 percent through Iran, which will facilitate the flow of goods between the two countries and benefit from the provisions of the trade and economic partnership agreement under which the demand for several Qatari products such as petrochemicals and aluminum will jump in the Turkish market.
A number of trade agreements and memorandums of understanding have been signed between the two countries, including the Economic and Technical Cooperation Agreement, the Encouragement and Mutual Protection of Investments Agreement and the Memorandum of Understanding on Facilitating Transport and Transit Traffic to Strengthen Economic, Commercial and Investment Cooperation among Qatar, Iran, and Turkey.
The Minister said: “The partnership agreement is the first to be concluded by the State of Qatar with an important trading partner such as the Republic of Turkey and will improve the terms of trade in goods and services between the two sides. It will be an opportunity for companies from the sector in both countries to benefit from this agreement.”