In addition to being well on the way to concluding a trade treaty with South Korea, the Turkish government is also hoping to initiate talks on a free trade agreement (FTA) with Japan.

Following a visit to Tokyo by the Turkish Economy Minister Zafer Çaglayan, and a meeting with the Japanese Foreign Minister Koichiro Gemba and its Economy, Trade and Industry Minister Yukio Edano, a joint feasibility study will be undertaken to decide on the potential for an FTA between the two countries.

The two sides also signed a memorandum of understanding on setting up a framework for economic cooperation, so as to strengthen bilateral trade and investment and, hopefully, provide the forerunner for the formal FTA.

It was said that, while the government wants to develop further trade with the region, Turkey currently has no trade treaties in Asia. It has been particularly keen to sign FTAs with Japan and South Korea, as well as China, with which Turkey runs significant trade deficits.

It is foreseen that an FTA would provide a better market for Japanese manufactured goods into the fast-growing Turkish market, while Turkey would hope that its agricultural and textile exports would also be able to benefit.

July 25, 2012

Source: Tax-news

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