The Turkish economy is about to take a positive turn after the government has signed several free trade deals with the European Union. It is known that the EU is one of Turkey’s largest trading partners and the new agreements reinforce their commitment to deliver products and services at good prices. Our company formation agents in Turkey can assist foreign investors who want to open companies in this country.
The Turkish Customs Union signed several new free trade agreements which will ease trading between Ankara and countries in the EU. Part of these deals seek to overcome possible problems which could appear after Brexit. Moreover, the new agreements are expected to boost Turkey’s economy in 2017.
At first, industrial products, services, agricultural products, several services including public procurement, will be comprised in the new treaties, however the update will continue throughout 2017 in order for the number of products and services to be expanded. Not only is Turkey trying to extend its trading relation with the EU, but also with countries all over the world.
At the moment, the EU is Turkey’s largest trading partner in the world when referring to agricultural products. With close to 49% of its total exports going to EU countries, Turkey is seeking to expand exports to 60% once the new free trade deals enter into force. For the EU, Turkey is the 7th largest exporting country and it is also in EU countries’ benefit to extend the services and products included in the Customs agreements.
Turkey exports foodstuff, machinery and equipment and auto vehicles to the EU, while it imports chemical products and manufactured goods from the European Union.
For an update on Turkey’s free trade deals with the EU, you can contact us. You can also rely on our company registration consultants if you want to open a company in Turkey.