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Sunday, September 25, 2022

Turkey, Greece aim for $7 billion in bilateral trade

EconomyTurkey, Greece aim for $7 billion in bilateral trade

Ankara (Times Of Ocean)- The Greek premier is scheduled to visit Turkey on Sunday, with the countries’ trade volume exceeding $5.3 billion last year.

An upcoming meeting between Turkey’s president and Greece’s prime minister on Sunday is expected to have a positive impact on economic relations in Turkey.

Kyriakos Mitsotakis is expected to visit Turkey on Sunday and hold a face-to-face meeting with President Recep Tayyip Erdogan. The agenda is expected to include bilateral relations, current geopolitical developments, and Russia’s war on Ukraine.

At the meeting, steps will be taken to enhance Turkey-Greece economic relations, especially in the energy sector.

As part of its new economic policy, Turkey has recently opened the door for foreign trade cooperation with the United Arab Emirates, Egypt, Israel, Saudi Arabia, and Armenia, ushering in a new era expected to have a positive impact on bilateral trade.

The head of the DEIK Turkey-Greece Business Council, Levent Sadik Ahmet, said the meeting between Erdogan and Mitsotakis would be “very valuable” at this “critical time.”

“Diplomatic relations between the two (countries) will increase both the courage and motivation of the business world,” he added.

According to Ahmet, the two countries want the current trade volume of $5 billion dollars to quickly rise to $6 billion dollars.

As well as petrochemicals and agriculture products imported from Greece, Ahmet noted that exports included products from various sectors, such as ready-made garment, jewelry, machinery, cereals, and pulses.

The International Trade Center reports that the volume of trade between two countries has fluctuated over the past decade.

Since 2019, Turkey has had a trade surplus with Greece.

Their trade volume, which approached $5 billion in 2012, exceeded $6 billion in 2014, and reached $5.3 billion in 2021.

Turkiye exported $3.1 billion to Greece last year, while it imported $2.2 billion.

The top exports to Greece are chemicals and chemical products, steel, electric and electronics, automotive, and textiles.

In 2002-2021, Greece invested approximately $7 billion in Turkey.

During the period, 3.9% of the total international direct investments were made in the country.

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