In addition to the free commerce settlement (FTA) negotiations, Türkiye goals to strengthen its bilateral commerce alternate via preferential commerce agreements (PTAs) that present mutual benefits in particular sectors, in accordance with a report on Saturday.
According to data obtained by Anadolu Agency (AA) from the Trade Ministry, Türkiye is on monitor to signing complete FTAs to boost the competitiveness of its trade and supply market benefits to exporters in different international locations.
In this context, 23 FTAs that Türkiye has signed are at present in drive. Additionally, the approval and negotiation processes for FTAs with some international locations are ongoing.
Besides these, PTAs with Iran, Azerbaijan, Uzbekistan and Pakistan, which give mutual benefits in particular sectors, are making vital contributions.
Moreover, efforts are underway to implement a brand new PTA with the Maldives. Discussions are additionally persevering with for the initiation of negotiations to signal this settlement with Algeria.
Accordingly, with its in depth community of commerce agreements, Türkiye is among the many high 10 international locations on this planet with essentially the most FTAs.
Investment alternatives
The home approval processes of FTAs that Türkiye is conducting with Ukraine, Qatar, Lebanon and Sudan are ongoing.
In this context, a brand new period started with the publication within the Official Gazette originally of this month of the regulation in regards to the Türkiye-Ukraine FTA, which was signed in Ukraine’s capital Kyiv on Feb. 3, 2022.
The settlement, which is awaiting approval by the Ukrainian Parliament, will enter into drive as soon as the home approval course of is accomplished.
The settlement goals to considerably liberalize a big portion of agricultural and industrial merchandise originating from Ukraine.
Moreover, the Türkiye-Qatar Trade and Economic Partnership Agreement (TEPA) was signed in 2018. The settlement, which is at present being negotiated via diplomatic channels with Qatar, goals to liberalize commerce in companies between the 2 international locations and mutually improve market entry and funding alternatives for service suppliers working in digital commerce.
The settlement, which additionally goals to strengthen cooperation in laws associated to e-commerce, is anticipated to offer numerous benefits to the Turkish business neighborhood in areas starting from commerce in items to telecommunications companies.
At the identical time, the home approval course of in Lebanon is awaiting for the FTA between Türkiye and Lebanon to enter into drive. This settlement goals to abolish customs duties utilized on mutual industrial merchandise.
In addition, the home approval processes of the Türkiye-Sudan Trade and Economic Partnership Agreement are ongoing in Türkiye. With this settlement, it’s anticipated that Sudan will initially cut back its present customs duties to 30% and progressively eradicate them. It can also be foreseen that Türkiye will profit from extra advantageous entry situations for its agricultural and industrial merchandise within the Sudanese market.
The settlement, which additionally covers capacity-building and technical assist points for Sudan, is anticipated to contribute to the continued improve of Turkish investments in Sudan. The settlement additionally goals to spice up bilateral commerce quantity to $10 billion.
Agreements to facilitate bilateral commerce
In line with the nation’s commerce coverage priorities, it’s aimed to broaden these networks of agreements. In this context, FTA negotiations with Japan, Indonesia and the Gulf Cooperation Council (GCC) are ongoing.
Technical-level talks proceed concerning the Economic Partnership Agreement negotiations with Japan.
Technical discussions are additionally being held to renew the fifth spherical of the Türkiye-Indonesia Comprehensive Economic Partnership Agreement (CEPA) negotiations, which had been initiated in Ankara in 2017 in the course of the go to of Indonesian President Joko Widodo to Türkiye. The fourth spherical of those negotiations was accomplished however the fifth spherical was postponed because of the COVID-19 pandemic.
At the identical time, the talks for the FTA between Türkiye and the Gulf Cooperation Council had been initiated this 12 months in Ankara with the participation of Trade Minister Ömer Bolat and GCC Secretary General Jasem Mohammed al-Budaiwi.
The first spherical of negotiations has been accomplished. The settlement goals to extend Türkiye’s items exports in lots of sectors, from agriculture to technology-intensive industrial merchandise.
All these agreements are anticipated to facilitate and strengthen bilateral commerce, thereby contributing to a rise in commerce quantity.
Source: www.dailysabah.com