In a recent announcement, Gonca Yilmaz Batur, the Deputy Trade Minister of Turkey confirmed that Germany is the most important trading partner in Europe for Turkey and that Germany and Turkey are aiming to reach a massive 50 billion USD trade volume over time.
Trade plan between Turkey and Germany
When speaking at a Turkish Foundation for Political, Economic and Social Research (SETA) meeting on bilateral trade, Batur said that: “We believe that the potential between the two countries will neutralise the negative effects of the COVID-19 epidemic soon and we will bring the trade volume to its previous levels. We want to reach a 40 billion USD trade volume initially, then 50 billion USD in the long run.”
Bilateral trade figures
The bilateral trade figure at the end of 2019 stood at 35.9 billion USD and began strong in the first two months of this year, but then declined dramatically due to the pandemic crisis. Batur also confirmed how significant it was to update the customs union between Turkey and the EU, and said that Turkey expects strong backing from Germany.
Turkish and European officials have carried out several talks to revise the current customs union so that both countries were in complete agreement. Over the past three years talks have stalled due to political tensions, even though officials and those in business circles have done everything they can to maintain dialogue.
Importance for Turkey
The Turkey-Germany Economic and Trade Committee (JETCO) is incredibly important to Turkey, with Batur voicing that Turkey wants to hold the next meeting before the year is out. The deputy minister also spoke about how the Turkish-Germany cooperation can be moved to third countries where all the businesspeople would be able to work together.
Top export market
According to data released from TURKSTAT (Turkish Statistical Institute) the German export market for Turkey reached a total of 9.76 billion USD, coming in second to China who were Turkey’s top import market in the same period and totalled 12.64 billion USD.
Recent reports made by the Organization for Economic Co-operation and Development (OECD) and Fitch the international credit rating agency, confirmed that the economy in Turkey will not be as negatively affected by COVID-19 as they had first expected. Batur added that the investment opportunities in the country have also improved over recent years thanks to their incentive system.
Close to schools, shopping malls, hospitals, and everything else needed for family living in Istanbul are these fantastic Beylikduzu villas for sale – complete with beautiful views out towards the sea and natural settings.
Completely furnished as seen and ready to move in immediately, this designer property is located in the Ortaalan area of Kalkan and is just a short walk away from the town centre full of life and things to do daily.
Forming part of a luxury-designed project with shared swimming pool and lounge to enjoy, these apartments are for sale in central Besiktas in Istanbul and have views heading out towards the sea and city landscape.
State of the art project located at the seafront in Yalikavak just minutes away from a private beach area and five minutes away from Yalikavak Marina – this is arguably the best complex currently available in Bodrum.