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Turkey to Enhance Economic Relations with ASEAN

Written by: Bridgewest

Turkey-and-ASEAN-to-create-stornger-economic-relationsThe Association of Southeast Asian Nations (ASEAN) is a regional organization comprised of 10 countries in Southeast Asia which has the role of facilitating economic cooperation between its member states and other countries in around the world. Turkey has good relations with ASEAN and at the beginning of August it became a sectorial dialogue partner for the Association. Our lawyers in Turkey can offer more information on the agreements between Turkey and ASEAN members.

Turkey’s partnership with ASEAN is part of its foreign policy

Turkey has the unique characteristic of being located on the European and Asian continents which is why it must have good economic relations with both its European and Asian neighbors. Turkey is also favored by its strong industry among which manufacturing and transportation are top economic sectors; therefore, it is easy to understand why small Southeast Asian countries within the Association are interested in importing products from Turkey.

For Turkey, the relation with wealthy countries like Brunei, Thailand and Singapore which are part of ASEAN is also important which is why the Ministry of Foreign Affairs has initiated discussions with ASEAN representatives on the margin of a stronger cooperation since 2015. This is part of Turkey’s foreign policy with neighboring countries. These negotiations have recently ended with Turkey becoming a sectorial dialogue partner for ASEAN.

What does this partnership mean to Turkey?

First of all, trade relations with ASEAN countries will improve substantially and Turkish companies will benefit from many new investment opportunities in the future. The Turkish foreign minister considers ASEAN “an effective integration mechanism” in the region and the cooperation between the two parties will create stronger economic ties between the two Asian blocks.

It should be noted that Turkey’s relation with ASEAN began in 1999 and ever since it has improved continuously. Now with Turkey becoming a dialogue partner, these relations will create new investment possibilities in Turkey for all the countries in ASEAN.

If you want to open a business in this country and need assistance, do not hesitate to contact our law firm in Turkey.