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Turkey imposes additional tax on imported phones, computers


ISTANBUL: Turkish economy Minister Nihat Zeybekci has announced the list of imported products that will be taxed more. Zeybekci said antidumping measures will be imposed on imported phones, computers and electronic devices within two months. Imported brands of cellphones, TVs, computers and household appliances may lose market share while the market share of domestic products may potentially increase when the ... Read More »

EU approves €1.9bn out of €4.45bn as assistance program for Turkey


ANKARA: The European Union approved €1.9 billion for Turkey assistance program, Turkey’s Ministry for EU Affairs announced. The approval was given by the bloc’s financial assistance mechanism for candidate and potential candidate’s Instrument for Pre-Accession Assistance. In a statement, Turkey’s EU ministry said the European Commission’s annual budget program determined that Turkey would use €1.96 billion out of the total ... Read More »

Turkey, Qatar take bold steps for boosting strategic cooperation


ANKARA: Qatar and Turkey, whose bilateral and regional cooperation has become remarkably more visible in recent years, have taken yet another assertive step to deepen their bilateral relations, signing a series of agreements in Ankara, including a joint memorandum to found a “Supreme Strategic Committee.” Turkish President Recep Tayyip Erdoğan, speaking at a joint press conference on Dec. 19 following ... Read More »

Turkish police seize 710,000 boxes of cigarette from wherehouses


ISTANBUL:  Turkish police raided several warehouses in the eastern Turkish town of Doğubeyazıt in the province of Ağrı early, seizing a record haul of 710,000 boxes of cigarettes smuggled into the country and triggering riots by locals. Turkish media said it was the largest capture of its kind to date. Two suspects were detained in connection with the smuggling and ... Read More »

Turkey seizes 80m liters oil, launches crackdown on smuggling


ANKARA: Turkey had seized 80 million liters of oil from oil fields and smuggled from Islamic State controlled territory to Turkey, Foreign Minister Mouloud Ihsanoglu announced. Ihsanoglu spokes during first official visit to Tehran, that “nearly 80 million liters of smuggled oil were confiscated” since the beginning of the year adding that adding that several oil pipelines build by IS ... Read More »

Iraqi Minister: ISIL involved in smuggling oil via Turkey


IRAQ: Hoshyar Zebari disclosed that ISIL is the biggest terrorist group that smuggles Iraqi and Syrian oil via Turkey. He said while addressing the media, “They control a number of oil fields in Syria and Iraq and they smuggle this oil overland through trucks, through middlemen to Turkey or towards other countries.” Calling ISIL “the richest [terrorist] group in the ... Read More »

Sanctions, militancy increase oil smuggling through Turkey, Iraq border

Isis fighters, pictured on a militant website verified by AP.

ISTANBUL: Oil smuggling has deep roots in the region. After the imposition of UN energy sanctions on Iraq in the 1990s, a robust network of smugglers, traders and bootleg refineries flourished, said by a Turkish security official here the other day. Hundreds of entrepreneurs emerged, buying and selling small parcels of Iraq’s oil at discounted prices and transporting them across ... Read More »

First oil deal: Kurd oil flow via Turkey to near 1m bpd in 2015


ANKARA: Iraq’s semi-autonomous Kurdistan Regional Government which has vast quantity of crude oil will ramp up oil exports in the coming months, moving it closer to economic self-sufficiency while it works to clinch a final deal with Baghdad on crude sales and revenue sharing. KRG natural resources minister Ashti Hawrami told a conference in London the Kurd’s pipeline to Turkey ... Read More »

European Union terms Turkey as key partner


LONDON:  The European Union has reaffirmed the importance it attaches to its relations with Turkey, in the wake of an exchange of criticism from both sides in the recent days. “Turkey is a candidate country and a key partner for the European Union,” the Council of the European Union said in its enlargement resolution. Turkey’s dynamic economy provides a valuable ... Read More »

Turkish police seize illicit cigarettes worth TL6 million


ISTANBUL: Turkish security forces have seized 62.000 cartons of smuggled cigarettes worth about TL 6 million ($2.61 million) in a successful operation against smugglers in southern Turkey’s Gaziantep here the other day. The cigarettes, which were declared as exports to Iraq from another country, were loaded on a truck from a customs warehouse in Mersin in southern Turkey. They were ... Read More »

Remarkable growth: Turkey close to becoming highest income economy

turkey progress

ISTANBUL: Turkey’s substantial economic performance and rapid increase in its finance market will be helping for Turkey to become high income economy, said by World Bank report here the other day. The report said “Turkey is now on the cusp of emerging as a high-income country” and claimed that it is poised to become the 12th largest economy in the ... Read More »

No more sealing of Turkish trucks’ fuel tanks by Iran

turkey border

ANKARA: Fuel tanks in Turkish trucks have not been sealed in Iran for a limited period, said by Turkey’s transport minister here the other day. “More than 1,000 trucks had formed a queue almost 12 kilometers long at the Turkey-Iran border. But their entrance to Iran will be accelerated thanks to this decision. I hope the truck line will be ... Read More »

Turkey has second highest tax surging among OECD countries


ANKARA: the Turkey becomes a second highest tax surging after Portugal among Organization for Economic Cooperation and Development (OECD) countries. In Turkey the ratio between the total tax revenue of the government and the gross domestic product (GDP) of the country, rose to 29.3 percent in 2013, 1.7 percent increase from 2012 marking the highest. The corresponding ratio in Turkey ... Read More »

Turkey may leave EU Customs Union, EUCU harmful for its economy


ANKARA:  The European Union Customs Union (EUCU) membership is harmful to Turkey’s economic interests, the SOCAR Turkey Enerji President Kenan Yavuz said. SOCAR Turkey Enerji is a subsidiary of Azerbaijan’s State Oil Company in Turkey. Yavuz said Turkey needs to reconsider its membership in the EUCU, as Ankara does not need it. He also noted that Turkey’s economic interests should ... Read More »

Turkey, EU to discuss FTA, Customs Union


ANKARA:  Three high ranking countries officials will meet in December to discuss agenda on free trade agreement and updating the Customs Union between Turkey and the European Union to reflect Ankara’s concerns about the EU’s free trade agreements, diplomatic sources said. High Representative of the EU for Foreign Affairs and Security Policy Federica Mogherini, Commissioner for European Neighborhood Policy and ... Read More »