Trade Minister Omer Bolat Announces Progress and Upcoming Preferential Trade Agreement Negotiations
Trade Minister Omer Bolat has announced that Turkiye and Algeria are making steady progress towards achieving their $10 billion trade volume target. Speaking at the opening program of the Algerian Trade Delegation during the 55th International Algerian Fair, Bolat shared the exciting news that negotiations for a Preferential Trade Agreement between the two countries will commence soon.
Bolat emphasized the significance of the visit, which included key representatives from the business community and civil society organizations. He recalled the joint declaration signed last November during the second session of the Turkiye-Algeria High-Level Cooperation Council, aimed at enhancing trade and economic cooperation.
The trade volume between Turkiye and Algeria reached $6.3 billion by the end of last year, marking an all-time high. Bolat noted that this positive trend continues, with a $2.7 billion trade volume in the first five months of 2024, reflecting an 8% increase compared to the same period last year.
Bolat highlighted the strong bilateral relations, noting that 51 Turkish exporters participated in the International Trade Fair with support from the Ministry. He also mentioned ongoing commercial activities and investments in Algeria, which have surpassed $6 billion.
Turkiye’s robust and skilled workforce, stable investment environment, advanced incentive system, investor-friendly government policies, and strategic geographic location offer unique opportunities for investors globally. Algeria is not only Turkiye’s gateway to Africa but also its largest investment partner on the continent. Turkish firms are leading investors in non-hydrocarbon sectors in Algeria, providing significant employment opportunities.
Minister Bolat assured Algerian investors of comprehensive support in Turkiye, emphasizing collaboration in sectors like agricultural mechanization, solar energy, renewable energy, water infrastructure, hydrocarbons, and mining.
Bolat also recalled the recent agreement signed on May 7 in Ankara, lifting mutual flight restrictions and increasing weekly flights from 35 to 80. He underscored the importance of Turkish construction firms in Algeria, which have undertaken 636 projects worth $21.3 billion to date. The construction sector views Algeria as a crucial partner, reflecting the deep and growing economic ties between the two nations.
Source: Trthaber / Prepared by Irem Yildiz