Trading in Turkey
Trading in TurkeyUpdated on Saturday 15th December 2018
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Trading is an important economic sector in Turkey and, despite the economic crises, this country recorded the largest trade volume in 2013, when it reached USD 403.5 billion, the record of all times. This was possible due to the growth of the economy in the last few years and the reforms adopted by the Turkish authorities who created a business-friendly environment and attracted a large number of foreign companies interested in investments in this country.
Foreign trade is an important part of the total trade of Turkey due to the large volumes for import and export activities and the fact that this country is a member of the World Trade Organization and it signed an agreement for trade with the countries in the European Union.
The exports play an important role in the Turkish economy and goods, such as textiles and clothing, iron, steel, processed food are the main exported products from Turkey. The exports developed more after Turkey signed the agreement with the European Union for the Customs Union, in 1996. In the last years, Turkey exported also: machinery, electric and electronic equipments, cars etc.
Last year (2013), the most exported products from Turkey were:
- vehicles and parts of vehicles,
- iron and steel,
- electric machinery
- precious metals and stones.
The agreement signed with the European Union encouraged also the imports in Turkey, after the customs duties were reduced. The authorities from Turkey tried to reduce the bureaucratic procedures and the protectionist measures in the last years. This country became a member of international organizations for promoting trading and economic activities, such as Economic Cooperation Organization (ECO), United Nations Conference on Trade and Development (UNCTAD), Organization of the Black Sea Economic Cooperation (BSEC), World Customs Organization (WCO), International Chamber of Commerce (ICC) etc.
If you need more information about trading in Turkey, you may contract our law firm in Turkey. For opening a company in this country and other legal services, you may count on our Turkish attorneys.