Turkey, World, Economy, Middle East

Turkey, Qatar ink trade deal

Turkish deputy prime minister says memoranda of understanding will build stronger foundations for future trade

Fatih Erkan Doğan   | 10.11.2016
Turkey, Qatar ink trade deal Turkey's Deputy Prime Minister Mehmet Simsek (L) and Qatar’s Economy and Trade Minister Sheikh Ahmed bin Jassim al-Thani (R)

Ankara

By Fatih Dogan

ANKARA 

Turkey and Qatar signed a memorandum of understanding Thursday, finalizing a number of previously agreed deals.

The agreement was inked by Deputy Prime Minister Mehmet Simsek and Qatar’s Economy and Trade Minister Sheikh Ahmed bin Jassim al-Thani in Istanbul.

Simsek said a stronger foundation had been established upon which to further develop political and economic relations between the two countries.

“Many topics decided today, for example the signing of an agreement over cooperation on fairs and free trade zones, actually came on the agenda in the 5th Joint Economic Commission.

“With [Thursday’s] 6th Joint Economic Commission we finalized these memoranda of understanding,” Simsek added.

“When we meet Qatari leaders we only talk about opportunities such as, what we can do in Turkey, Qatar, Gulf countries and third countries.

“That’s why we should focus more on concrete projects. Significant improvements were seen in our bilateral trade. We are still far from the desired levels,” Simsek said.

Regarding a proposed free trade agreement, Simsek said they expected bilateral trade volume between the two countries to rise to much higher levels once the deal is signed.

Simsek said as of now there are 99 companies with Qatari co-partners in Turkey and this number is expected to surge in the coming years.


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