As Turkey continues to expand its global presence, its trade agreements have become an increasingly important topic of discussion. From the European Union to the United States, Turkey has negotiated a range of agreements that have shaped its economic relations with countries around the world.
One of the most significant trade agreements for Turkey is the Customs Union with the European Union. This agreement, which was signed in 1995, eliminated tariffs on non-agricultural goods traded between Turkey and the EU. Since then, the agreement has been expanded to include more sectors, such as agriculture and services. The Customs Union has been a key driver of economic growth for Turkey, as it has allowed Turkish businesses to export their goods to the EU without facing high tariffs.
Another important trade agreement for Turkey is the Free Trade Agreement with the United States. This agreement, which was signed in 2000, aimed to increase bilateral trade between the two countries. The agreement eliminated tariffs on a range of goods traded between Turkey and the US, and has helped to boost exports from Turkey to the US. In 2019, Turkey exported $8.3 billion worth of goods to the US, making it one of the country`s most important trading partners.
Turkey has also negotiated trade agreements with other countries in the Middle East and North Africa, such as Egypt and Tunisia. These agreements have helped to increase trade between Turkey and its neighbors, and have helped to build closer economic ties between the countries in the region.
One potential area for growth in Turkey`s trade agreements is with China. In recent years, Turkey has sought to increase its economic ties with China, and has signed a number of agreements aimed at boosting trade between the two countries. In 2019, China was Turkey`s second-largest trading partner, with bilateral trade reaching $23.6 billion.
As Turkey continues to navigate its complex web of trade agreements, there are opportunities for growth and development on the horizon. By building closer economic ties with a range of countries around the world, Turkey can continue to strengthen its position as a major player in the global economy.