International Trade in Turkey
International Trade in TurkeyUpdated on Saturday 15th December 2018
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Turkey is not yet an EU member, but it has developed important economic relationships with the countries that are part of the European Union. This country is also a member of major international organizations related to trade, such as World Trade Organization (WTO).
Turkey respects the international trade standards and it is part of influential organizations, such as Economic Cooperation Organization (ECO), the United Nations Conference on Trade and Development (UNCTAD), the Organization of the Black Sea Economic Cooperation (BSEC), the World Customs Organization (WCO), International Chamber of Commerce (ICC) etc.
In the last years, Turkey has signed numerous free trade agreements with EU and non-EU countries: Iceland, Norway, Switzerland, Lichtenstein, Georgia, Israel, Macedonia, Croatia, Bosnia, Tunisia, Morocco, the Palestinian Authority, Syria, Egypt, Albania, Montenegro, Serbia, Chile, Jordan etc.
The trade relationships with EU
Between Turkey and the EU, a customs union agreement was signed in 1995 and it is still in force nowadays. Turkey tried since 1999 to join the European Union and it is estimated that it will become a member of EU in the next few years.
The European Union is an important trade partner for Turkey and it ranks on the first place for Turkish imports and exports. On the other hand, Turkey ranks 7th in the top of EU imports and 5th in the top of exports. The main exports from Turkey go to the countries from EU and other parts of the world: Iraq, Russia, USA, United Arab Emirates and Iran. The main products exported from Turkey are machinery and transport equipment.
The main imports in Turkey come from countries in EU and Russia, China, USA, Iran and South Korea and main products imported are chemical products, machinery and transport material.
Turkey is a member of the Euro-Mediterranean partnership (Euromed) that promotes economic integration among the countries that have signed it.