Invest News DetailMiddle East Online - Oil-rich Gulf monarchies signed an accord with Turkey aimed at boosting ties between the pro-Western Arab bloc and Ankara, the chief of the Gulf Cooperation Council said. The memorandum of understanding (MoU) inked in the Saudi Red Sea city of Jeddah yesterday, provides for "cooperation in the economic, political and security domains," GCC Secretary General Abdurrahman al-Attiyah said. The MoU paves the way for the conclusion of a free trade agreement between the GCC and Turkey that has been under negotiation since 2005, he emphasized. The GCC; groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The GCC states have good relations with Turkey. "Turkey has an important role in the region. It is a balanced and moderate role," Attiyah said.