Turkiye, Saudi Arabia expected to exceed $8bn in trade this year

Turkish Trade Minister Omer Bolat speaks during the Turkiye-Saudi Arabia Business Forum organized by Foreign Economic Relations Board (FERB) in Istanbul, Turkiye on November 03, 2024 [Ağıt Erdi Ulukaya – Anadolu Agency]

Turkiye and Saudi Arabia are set to cross a commercial threshold that suggests a new era of cooperation and mutual interest, as trade between the two countries is expected to exceed $8 billion this year, Anadolu News Agency reports.

‘Once the trade volume crosses the $8 billion mark, it signifies an intensifying partnership of strategic importance that has many advantages for both countries’ Trade Minister of Turkiye, Omer Bolat, said during a business forum held in Istanbul.

The report added that the cooperation will involve agriculture, industry and services, while creating diversification and stability in their economies.

‘This trend in the trade relationship could lead to further cooperation in other areas such as defence and infrastructure, creating greater regional influence and economic resilience for both countries,’ Bolat added.

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