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Turkey lifts customs duty on onions

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A Turkish presidential decree has completely lifted the customs duty on onions, temporarily. The zero-tariff will remain in effect until Feb. 28. According to the decree, the purpose of the move is to curb the rise in the price of onions and to keep the domestic market price of the vegetable at a reasonable level and to prevent any speculative ... Read More »

Turkey continues cooperation with EU on visa liberalization, refugee deal

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Turkey will continue to cooperate with EU institutions on visa liberalization, updating the customs union and the refugee deal, Foreign Minister Mevlüt Çavuşoğlu told Parliament’s Foreign Affairs Committee yesterday. Recalling the two Reform Action Group (RAG) meetings held last year, Çavuşoğlu said the justice ministry continues to work on the judicial reform strategy. He added that the process is being ... Read More »

Turkey’s new presidential system and a changing west

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Turkey : In July 2018, having triumphed in the presidential elections the previous month, Turkish President Recep Tayyip Erdoğan began to formally transform Turkey’s long-standing parliamentary system into a heavily centralized presidential one. The new system entrenched his one-man authoritarian rule at home and is having profound implications for the making and substance of Turkish foreign policy as well as ... Read More »

Iraq: Qatar suggested to transit Turkish goods via Basra

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The Iraqi Foreign Minister, Mohamed Ali al-hakim, said that “Qatar has proposed that Iraqi territories be a ‘transit’ passage for delivering goods from Turkey. I will discuss this subject in my next visit to Qatar,” as he puts it. Hakim said that Qatar’s foreign minister visited Iraq and offered to contribute to the reconstruction and investment process. The Iraqi FM ... Read More »

Turkish exporters look to expand into Indian market

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The world’s sixth-largest economy, India, is creating a new market for Turkish exporters due to its expanding middle class and growing needs. According to data from the World Bank, Trade Ministry, and Turkish Statistical Institute (TurkStat), as of the end of 2017, India is the world’s 6th-largest economy in terms of gross domestic product (GDP) and third-largest in purchasing power ... Read More »

Turkey’s new strategic partner is Russia

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“Turkey has shown one more time that it follows an independent foreign policy and is our trusted ally,” Russian leader Vladimir Putin said while referring to the second natural gas pipeline project at the beginning of his meeting with President Recep Tayyip Erdoğan during a G20 summit in Buenos Aires on Dec. 1. This statement attests to the fact that ... Read More »

Turkish companies seek bankruptcy protection as slowdown bites

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Turkey fines opposition TV channels for on-air comments

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Turkey has fined two of the last television channels critical of the government over on-air comments which allegedly insulted the country’s president and encouraged civil disobedience, a television watchdog official told Reuters on Wednesday Turkey has fined two of the last television channels critical of the government over on-air comments which allegedly insulted the country’s president and encouraged civil disobedience, ... Read More »

Highlights of Turkish energy market in 2018

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The developments in the Trans Anatolian Natural Gas Pipeline (TANAP) project, TurkStream Natural Gas Pipeline project, the opening of new Turkey’s biggest oil refinery, STAR, marked the top news stories in Turkey’s energy sector in 2018. The 1,850-kilometer-long TANAP is the largest section of the 3,500 kilometer-long Southern Gas Corridor that was officially inaugurated during a ceremony held in Baku ... Read More »

Serbia to boost beef meat exports to Turkey

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Serbian minister of agriculture, forestry and water management Branislav Nedimović has announced Serbia is to increase its beef meat exports quota to Turkey by 40% in 2019 as the current annual quota of 5,000 tonnes (t) was already filled in the first four months of this year. Read More »

Turkey sees surprisingly strong fall in inflation

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Turkey : Turkey’s annual consumer price inflation rate has fallen for the first time since March—and sharply. November saw it fall 3.62 percentage points from October’s 15-year high of 25.24% to 21.62%, the Turkish Statistical Institute (TUIK) announced on December 3. Respondents to a Bloomberg poll and a Capital Economics forecast had anticipated that the rate would turn out to ... Read More »

A promise of mutualism: Modernization of Customs Union a propitious step for Turkey, EU

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The modernization of the Customs Union agreement between Turkey and the European Union has been on the agenda of the bilateral meetings for more than two years now. Though both sides have expressed the will to take steps to update the agreement, as it will be advantageous for both sides, no concrete development has so far been observed; yet, the ... Read More »

Russia-Turkey Trade Up 21.5% In January-October To $21.2Bln Year-on-Year : Customs Service

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MOSCOW : The trade between Russia and Turkey increased by 21.5 percent in January-October year-on-year and totaled $21.2 billion, the data by the Russian Federal Customs Service showed on Friday. Russia’s exports to Turkey grew by 19.8 percent and amounted to $17. 8 billion, exceeding imports from the republic which totaled $3.4 billion, having showed the growth of 31.5 percent ... Read More »

Reports of Planned Turkish Naval Base Stokes Tension Between Greek, Turkish Cypriots

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ISTANBUL : Tensions between Greece and Turkey over the divided island of Cyprus are rising. Turkish President Recep Tayyip Erdogan is accusing the Greek Cypriots of pursuing “aggressive” policies, while local media report Ankara is planning to build a naval base on the Turkish side of the Mediterranean island. On Monday, Turkish newspapers allied with Erdogan reported a naval base ... Read More »

Turkey, US carry out 2nd training for Manbij joint patrols

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Turkey : Turkish and U.S. troops carried out the second round of trainings for combined patrols in Manbij, northeast of the Aleppo Governorate in Syria, as part of a deal to rid the area of the YPG/PKK terrorist group, the military said Sunday. The Turkish Armed Forces said on Twitter: “In accordance with the Manbij Road Map and Security Principles, ... Read More »

Turkish Trade Minister to Visit Bulgaria

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Turkey’s Trade Minister Ruhsar Pekcan will pay an official visit to Bulgaria’s capital Sofia on Sunday and Monday, the ministry has announced, reported Anadolu Agency During the two-day visit, a delegation of some 200 businesspeople will accompany Pekcan, said a ministry statement on Saturday. Pekcan will meet with Bulgarian Prime Minister Boyko Borissov, Economy Minister Emil Karanikolov, and Finance Minister ... Read More »

Hormel profits up, but turkey business is still grounded

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Hormel Foods Corp. reported a boost to its fourth-quarter profit on Tuesday, but even as Thanksgiving nears is still wrestling with the problem of Too Much Turkey. The Wall Street Journal reports on the numbers from the Austin, Minn.-based food manufacturer, which reported narrow misses to sales and earnings for the fourth quarter as higher freight costs took a toll. ... Read More »

Sanctions on Iran likely to boost Turkey-Iraq commercial ties

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Tehran : While the implications of the second round of U.S. sanctions against Iran on the regional economy are being discussed, experts said that Turkish goods could dominate the Iraqi market with the decline in imports of Iranian goods due to the sanctions. Turkey-Iraq Business Council Chairman of the Foreign Economic Relations Board (DEİK) Emin Taha noted that Iraq has ... Read More »

Turkey develops new projects to boost economy in Syria’s Afrin

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Turkey continues its efforts to return peace and prosperity to Syria’s northwestern Afrin, which was liberated from Kurdistan Workers’ Party (PKK) terrorists within the scope of Operation Olive Branch in March 2018, by investing in various projects to boost social and economic growth in the region. Turkey has been developing new projects in trade, agriculture and transportation to end long-lasting ... Read More »

Turkey’s new customs gate to Syria becomes operational

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Turkey : A new customs gate along the Turkish-Syrian border was launched, Turkey’s trade minister announced on Nov. 9. “Olive Branch Customs Gate crossing to northwestern Syrian city of Afrin became operational on Nov. 8,” Ruhsar Pekcan said at the parliament’s plan and budget commission. The new customs gate was named after Turkey’s Operation Olive Branch, which was launched on ... Read More »