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Turkey, Azerbaijan agree to form simplified customs line

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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

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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

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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

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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

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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

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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

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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

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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

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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 »

Turkish fund seen favourite to take over British Steel

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LONDON : The British government is set to announce a preferred bid for British Steel within days, with a Turkish fund seen as the front-runner, as it scrambles to save thousands of jobs, industry sources said. The country’s second largest steelmaker was put into compulsory liquidation on May 22 after Greybull Capital, which bought the company from Tata Steel for ... Read More »

US commerce secretary to visit Turkey in September

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A U.S. delegation led by the commerce secretary will visit Turkey in September, said the Turkish trade minister on Aug. 5 on Twitter. Underlining that they had a “fruitful conversation” with Wilbur Ross on the phone, Ruhsar Pekcan said: “During that conversation we have reached a consensus about Secretary’s visit to Turkey with a delegation of business people at the ... Read More »

Turkey’s exports rise over 8.3% in July: Minister

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Turkey’s exports surged 8.32% to reach $15.96 billionin July, said Trade Minister Ruhsar Pekcan on Aug. 2. The figure under the general trade system makes July 2019 the best-performing July in the country’s export history, she said. In the same month, Turkey’s imports amounted to $19.3 billion, down nearly 8% on an annual basis. “Despite global developments, Turkey continues to ... Read More »

Turkey eyes to sign free trade agreement with Thailand

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Turkey aims to sign a free trade agreement with Thailand, said the country’s foreign minister on July 28 as part of the 52nd Foreign Ministers’ Meeting of the Association of Southeast Asian Nations (ASEAN). “Met with Turkish business people who have investments in #Thailand. Aiming to sign the Free Trade Agreement between our countries as soon as possible to further ... Read More »

Business sectors disagree over length of Eid al-Adha holiday

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Turkey’s different business sectors disagree over how long the Eid al-Adha (“Feast of Sacrifice”) holiday should be. Tourism players want a nine-day-long public holiday, while businesspeople in other sectors argue that duration would slow down the economy due to a loss in labor force. The Eid al-Adha holiday is scheduled for Aug. 11 (Sunday) through Aug. 14 (Wednesday). But it ... Read More »

EIB freezes new lending linked to Turkish government as part of EU’s Cyprus drilling row response

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The European Investment Bank (EIB) will not enter into any new lending in Turkey linked to the country’s government until at least the end of the year. The move has been triggered by the European Union’s decision to introduce initial sanctions to deter Turkey from carrying on with “illegal” drilling for gas off Cyprus in the eastern Mediterranean. The EIB—which ... Read More »

Turkey to introduce national blockchain currency

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The Turkish government plans to launch a central bank “blockchain based” digital currency within the next four years. The idea was included in The Eleventh Development Plan submitted to parliament by Turkish vice president, Fuat Oktay on 8 July. The document, presented to the Planning and Budget Commission, will serve as an economic road map for the government between now ... Read More »

Turkey’s economy to contract in 2019, limited growth ahead

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ISTANBUL: Turkey’s economy is expected to contract in 2019 for the first time in a decade and to see only modest growth in the following two years, a Reuters poll showed on Wednesday. The poll of more than 40 economists showed the Turkish economy shrinking 1.5% this year, according to the median forecast. The government’s own sharply-lowered forecast for this ... Read More »

Germany, Austria say sanctions among options for Turkey’s Cyprus drilling

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The European Union will decide on Monday to symbolically punish Turkey over what it calls “illegal” drilling for oil and gas off Cyprus and threaten harsher sanctions in the future unless Ankara changes tack, German and Austrian ministers said. Foreign affairs ministers of the 28-nation bloc meeting in Brussels on Monday are due to endorse a decision to curb diplomatic ... Read More »

EU threatens Turkey with sanctions over Cyprus drilling

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BRUSSELS: The EU is set to curb contacts and funding for Ankara in retaliation for what it calls Turkey’s “illegal” drilling for gas and oil off Cyprus and stands ready to ramp up sanctions further, a draft statement seen by Reuters shows. In trying to take Ankara to task over what the EU sees as Turkish interference with Cyprus’ exclusive ... Read More »

Europe hasn’t fulfilled migrant deal despite Turkey’s ‘invaluable contribution’: Erdoğan

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Turkey has played a key role in assisting refugees and stemming the flow of irregular migrants to Europe, but its European neighbors have failed to come through on their commitments of support, President Recep Tayyip Erdoğan said Tuesday at a summit in Bosnia-Herzegovina. Erdoğan told participants at the Southeast European Countries Cooperation Process (SEECP) summit in Sarajevo that Turkey has ... Read More »