Turkish Trade Minister will meet with business people in Germany and England to discuss bilateral trade

Minister of Trade Omer Bolat will hold a series of contacts in Germany and England on March 13 and 14, and in this context, it will be announced that negotiations to update the free trade agreement between Turkiye and England will be initiated.

Minister of Trade Omer Bolat will start his contacts with Germany tomorrow. Bolat will attend the “Future Day 2024 for SMEs” event to be organized in Berlin by BVMW, the umbrella organization for small and medium-sized businesses.

Speakers from the business and political worlds will attend the event, where issues related to the future of SMEs within the scope of digitalization will be discussed. German ministers will also take part in the program where Bolat will give a speech. The prime ministers of Thailand, Malaysia and Lithuania are also expected to make speeches within the scope of the program.

Within the scope of his Berlin contacts, Minister Bolat will meet with German business people who have investments in Turkiye at a “Round Table Meeting” and exchange views with private sector representatives.

Bolat, who will meet with the management and members of the Turkish-German Chamber of Commerce and Industry (TD-IHK), will also meet with the presidents and representatives of Berlin Turkish business world non-governmental organizations at iftar.

The target in bilateral trade is $60 billion

The bilateral trade volume between Turkiye and Germany, which was $45 billion in 2022, reached $50 billion last year, reaching an all-time record level. In bilateral trade relations between the two countries, it is aimed to reach a trade volume of $60 billion in the short term.

Germany is the country that makes the most direct investments in Turkiye after the Netherlands. Last year, there was a direct investment inflow of $687 million from Germany to Turkiye, while Germany’s investment stock in Turkiye reached $25 billion. More than 8 thousand German companies continue their operations in Turkiye.

Free trade agreement negotiations will begin in June

As part of his contacts with England, which will start on March 14, Bolat will meet with British Minister of Business and Trade Kemi Badenoch in London, where he will evaluate the trade and investment relations between the two countries.

After the meeting, Bolat and Badenoch will announce that negotiations will be initiated to update the existing free trade agreement between Turkiye and the UK, which has been in force since 2021.

The agreement in question is intended to be expanded to include areas such as services trade, investments and additional agricultural concessions, and to include comprehensive provisions in terms of horizontal rules. The updated agreement aims to establish a stronger and more comprehensive legal basis for the business world in both countries and to expand ongoing dialogue and cooperation opportunities.

The first round of free trade agreement update negotiations is planned to be held in London in the second week of June.

Meeting with British business people

A “Round Table Meeting” will also be held within the scope of the visit. At this meeting, investment opportunities and development of bilateral trade will be discussed with business people and investors from the two countries.

The meeting is considered as an opportunity to develop more competitive and effective trade policies, taking into account the demands of the business world.

Minister Bolat will also visit the Yunus Emre Institute in London, which contributes to Turkiye’s international promotion and cultural diplomacy.

It is also expected that Omer Bolat will meet with Turkish business people and associations based in London.

England is among the top 10 investors in Turkiye

The trade volume between Turkiye and the United Kingdom was approximately $19 billion last year. England is Turkiye’s 4th largest export market with an export volume of $12.4 billion.

As of last year, the UK is among the 10 largest investors in Turkiye with a direct investment of $8.6 billion.

Investments from Turkiye to the UK increased to $4.9 billion.

Source: Trthaber / Prepared by Irem Yildiz

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