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Turkey

Turkey’s business circles eyeing $ 30 billion in trade with Iran

Business organisations in Turkey are looking to increase the $ 9.5 billion trade volume between Turkey and Iran to $ 30 billion, President of Foreign Economic Relations Board of Turkey (DEİK) Nail Olpak said during the Business Council meeting in Iranian capital Tehran. Olpak said his organisation is working to have friendly relations between Turkey and Iran to affect the ... Read More »

Iraq views Turkey as alternative for Basra oil exports

Iraq is targeting Turkey as one of a possible export route alternatives for oil transportation from the oil-rich Basra region that has seen its exports hamper due to protests in the country, Iraqi Oil Minister Falah Alamri Jassim told Anadolu Agency on Monday. Iraq is calling on Turkish investors to extend pipeline projects from Basra to Ceyhan, and to rehabilitate ... Read More »

‘Philippines, Turkey to boost ties on defense, trade’

The Philippines and Turkey will boost ties on defense and trade in the future, the Philippine envoy to Turkey said on Wednesday. “We are beginning with our defense cooperation and this year and next year, we might be able to purchase some defense equipment here in Turkey,” said Raul S. Hernandez, the Philippine ambassador to Turkey, in an event to ... Read More »

Pakistan escapes $1.2 billion penalty as Turkey helps resolve Karkey dispute

The Karkey dispute between the government and a Turkish ship-based energy firm has finally been resolved due to efforts of Turkish government, a tweet by Prime Minister Imran Khan transpired on Monday. In his latest tweet, Imran Khan stated, “PTI Govt, with the help of President Erdogan, has amicably resolved the Karkey dispute and saved Pak USD 1.2 billion penalty ... Read More »

Lessons for Ukraine: How Turkey attracts foreign investments

If we look at the list of instruments for investors to Turkey, and I see how huge the gap between us is. Just imagine, Turkey has three types of investment zones. First type: technology development zone (TDZ). This is a zone to support research and development, as well as the development of high technology. There are 63 of them in ... Read More »

Turkey should focus on e-export: Expert

Turkey should focus on increasing e-export, of which volume reached $1.5 trillion globally, according to a digital communications expert on Oct. 21. Turkish SMEs can take share from the Asia-Pacific region, which is the leader in the e-export market with $381 billion, by concentrating on digitalization, Nabat Garakhanova, the head of a consultancy firm MEZO Digital, said in a press ... Read More »

Iran, Turkey stress expansion of trade ties

In a meeting with Turkish Deputy Minister of Customs and Trade Riza Tuna Turagay in Tehran on Wednesday, Dejpasand underlined the great history of close ties between the two countries and their officials’ great determination to expand bilateral relations, calling for the promotion of cooperation between the two neighbors. Pointing to the target of $30 billion annual trade set by ... Read More »

Turkish parliament to open new legislative year

The new parliament legislative year will start on Oct. 1 In this legislative year, priority will be given to reviewing justice and economy as well as to blockages in the new system. Judicial reform legislation is expected to dominate parliament’s agenda. The first ceremony will be held at the Atatürk Memorial in parliament. The General Assembly will meet at 3 ... Read More »

Seeking deals not sanctions, Turkey’s Erdogan attends Trump reception

Turkey’s presidency said on Twitter that Erdogan had attended the reception and provided a picture showing the Turkish leader and his wife Emine with Trump and first lady Melania. It gave no other details and did not say whether the two leaders only met or also had talks. Turkish markets have been watching Erdogan’s trip closely for any signs that ... Read More »

Turkey to help businesses affected by Thomas Cook collapse

Turkish authorities said Monday they were working on a loan support package for local companies affected by the sudden collapse of British tour operator Thomas Cook and moved to reassure tourists in Turkey who booked and paid for their holidays through the iconic firm. In a major shock, Thomas Cook, the world’s oldest travel firm, collapsed yesterday, stranding hundreds of ... Read More »

Ankara, Tehran determined to ramp up trade, mutual investments

Turkey and Iran are committed to boosting their efforts for further development of trade and mutual investments, according to officials. Trade Minister Ruhsar Pekcan said yesterday relations with Iran have taken a constructive path that will smooth the way for the business world, adding that they are determined to re-accelerate trade volume by using the Preferential Trade Agreement more effectively. ... Read More »

Turkey, Azerbaijan agree to form simplified customs line

Turkey and Azerbaijan have agreed to establish a simplified customs line and to sign a preferential trade agreement this year to facilitate mutual trade and accelerate customs procedures, Vice President Fuat Oktay said Monday. Oktay’s remarks came on the sidelines of the Turkey-Azerbaijan Eighth Joint Economic Commission (JEC) meeting, which was held in Azerbaijan’s capital of Baku and co-chaired by ... Read More »

Turkey-EU to hold political dialogue meeting

The Turkey-EU Political Dialogue Meeting will be held on Sept. 13 in Brussels, the Turkish Foreign Ministry stated. During the meetings, developments in the Turkish accession negotiations process, financial cooperation including pre-accession funds (IPA), visa liberalization process, update of the Customs Union, as well as significant areas of Turkey’s cooperation with the EU, such as counter-terrorism, migration, security and defense, ... Read More »

Turkey gives tax breaks to private defence and energy projects

The Turkish government will provide tax breaks and insurance support to 13 billion lira worth of private projects, including solar power and unmanned military aircraft, Turkish independent news site T24 reported on Thursday. In a presidential decision published late Wednesday, Turkey announced it would provide customs’ tax exemption, VAT return, insurance premium support and income tax withholding support to projects ... Read More »

Saudi Arabia allows Turkish trucks to pass after 2 weeks

Saudi Arabia on Sept. 2 allowed 73 Turkish trucks to pass to the Duba port after holding them at the customs for two weeks without any justification, the truck drivers told Anadolu Agency. They had started to exit the Duba port located on the Red Sea coast not at once but at certain time intervals, added the truck drivers. On ... Read More »

S. Arabia holding Turkish trucks at customs for 12 days

Saudi authorities have been holding 73 Turkish trucks at the customs border for almost two weeks without any justification, Turkish truck drivers caught in the economic vice told Anadolu Agency on Thursday. On Aug. 17 the trucks reached the Port of Duba in northwestern Saudi Arabia, which opens up to the Red Sea, after leaving Iskenderun on Turkey’s Mediterranean coast, ... Read More »

Iranian tanker no longer has Turkey destination: Shipping data

An Iranian tanker at the center of a confrontation between Washington and Tehran is no longer recorded as heading for Turkey, Refinitiv Eikon shipping data showed on Aug. 26, having switched to a Turkish destination at the weekend. The vessel, fully laden with oil, had previously been heading to the port of Kalamata in southern Greece but Greece had said ... Read More »

Key sectors highlighted as Turkey and US seek $100 billion in trade

A new report from BCG has identified eight key sectors of focus for Turkey as it seeks to increase its bilateral trade relations with the US. Ahead of next month’s trade discussions between the two countries, a new report prepared by global management firm Boston Consulting Group has identified the key sectors which could help push US-Turkey trade volume up ... Read More »

EU needs to let go of double standards against Turkey

Ankara recently declared the readmission agreement with the European Union is no longer functional, and experts say the main reason for this is the EU’s failure to deliver on its commitments stemming from the deal and discretional treatment of Turkey. Valeria Giannotta, an academic expert in Turkish politics and international relations, said that the EU has not fulfilled its pledge ... Read More »

Turkish exporters to capitalize on trade war, increase sales to US, China

The U.S.-China trade war will increase Turkey’s exports to both countries. While Turkey has launched negotiations in four branches to export readymade clothing and textiles to the U.S. and fresh fruit, vegetables and cereals to China, more shares are expected from the two giant markets. China’s restriction on imports of agricultural products from the U.S. and the latter’s continuous trade ... Read More »