Economy

Turkey strives for development of global free trade

Economy Minister Nihat Zeybekci says revised free trade agreement with EFTA countries 'comprehensive'

Diyar Güldoğan   | 27.06.2018
Turkey strives for development of global free trade Economy Minister Nihat Zeybekci

Ankara

By Diyar Guldogan

ANKARA

Turkey strives for the development of free trade around the world, Economy Minister Nihat Zeybekci said on Wednesday.

"Turkey acts in a more responsible way for the improvement of global trade and we show effort for the development of free trade among the countries," Zeybekci told reporters in capital Ankara.

Zeybekci said Turkey has signed 24 free trade agreements and one preferential trade agreement, adding Ankara is still in talks with some countries, including Mexico, Columbia and Peru, to sign deals.

His remarks came after Turkey and and the European Free Trade Association (EFTA) countries -- Iceland, Liechtenstein, Norway, and Switzerland -- on Monday signed an agreement to expand their free trade agreement (FTA).

The first FTA, which covers trade in industrial products, fish and marine products, and processed agricultural products between Turkey and EFTA countries, was signed in 1991, according to EFTA's website.

Zeybekci said the deal with EFTA countries, updated to modern day circumstances, is the "most comprehensive" free trade agreement that Turkey has signed so far.

He added the updated deal will cover more areas such as services, electronics, tourism and health and transportation.

Zeybekci said Turkey's bilateral trade volume with EFTA countries was $9.7 billion in 2017 and direct investment from EFTA to Turkey was $3.4 billion.

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