Turkey is a country that has been on the global trade map for several years now. With its strategic location between Europe and Asia, Turkey has been able to establish trade agreements with many countries around the world, making it one of the most significant trading partners in the region.
Free trade agreements (FTAs) have been instrumental in boosting Turkey`s trade relations with other countries. Turkey has signed several FTAs with various countries and blocs, including the European Union, EFTA (European Free Trade Association), and the Gulf Cooperation Council (GCC).
One of the most important FTAs that Turkey has signed is the Turkish-EU Customs Union. The agreement, which was signed in 1995, eliminated customs duties on goods traded between Turkey and the EU member states, allowing for the free movement of goods. The agreement has been beneficial to both parties, with the EU being Turkey`s largest trading partner, while Turkey is the EU`s seventh-largest trading partner.
Another significant FTA that Turkey has signed is the EFTA-Turkey Free Trade Agreement. The agreement, which was signed in 1991, allows for the free movement of goods between Turkey and EFTA member states, which include Iceland, Liechtenstein, Norway, and Switzerland. The agreement has been crucial in increasing trade between Turkey and the four EFTA members.
Turkey has also signed FTAs with several non-European countries, including the GCC member states, Serbia, Montenegro, and Bosnia and Herzegovina. The agreements have helped Turkey increase its trade relations with these regions and allowed for the free movement of goods and services.
Turkey is also currently in the process of negotiating several FTAs with various countries, including the United Kingdom, Canada, and South Korea. The agreements are expected to open up new markets for Turkish goods and services and promote further economic growth.
In conclusion, Turkey`s FTAs have been instrumental in boosting its trade relations with various countries and regions globally. The agreements have allowed for the free movement of goods and services, promoting economic growth and development. As Turkey continues to negotiate more FTAs, it is expected to become an even more critical player in the global trade arena.