ECONOMIC and COMMERCIAL RELATIONS BETWEEN TURKEY and CANADA, 3/5/2019, 11.3.2019
Economic relations between Canada and Turkey have always been solid and balanced; yet, the volume of bilateral trade is still far from its full potential. Turkey-Canada bilateral trade reached to a total of 3.25 billion USD (appr. 4,25 billion CAD) in 2018, which is a record in our history.
Turkish Exports to Canada in 2018: 1.27 billion USD (1.66 billion CAD)
Turkish Imports from Canada in 2018:1.98 billion USD (2.59 billion CAD)
MAIN EXPORT ITEMS TO CANADA
IRON and STEEL
MARBLE AND CEMENT
MAIN IMPORT ITEMS FROM CANADA
STEEL AND IRON SCRAP
BOILERS and MACHINERY
PAPER AND PULP
Being under the umbrella of NATO and G-20 and having strong economies, both Turkey and Canada still have a lot of room to improve their bilateral trade relations. The trade volume between the two countries can further increase, when the legal framework (JETCO, FIPA and FTA) is completed. The Agreement of Prevention of Double Taxation between Canada and Turkey was signed in July 2009 and came into effect on January 1, 2012. Joint Economic and Trade Committee is expected to be established within 2019. After finalizing the exploratory talks in 2013, the Turkey-Canada Free Trade Agreement awaits for the negotiations to be started as soon as possible. There is mutual willingness to start negotiations of Foreign Investment Promotion and Protection Agreement between our countries.
The number of direct flights of Turkish Airlines is six times a week from Toronto and three times a week from Montreal. It needs to be increased more in order to bring the economic and commercial relations to the desired level and promote tourism.
Being aware of Turkey’s advantages stemming from its geographic location, Canada opened a Consulate in Istanbul in 2010 and upgraded it to a Consulate General in 2014. Export Development Canada is very active in Turkey and financing both projects in Turkey and exports of Canadians. Canadian companies are interested in investing in the sectors of mining, transportation, communication, banking and energy in Turkey. There are many opportunities for Canadian companies not only in Turkey but also in nearby region in cooperation with Turkish companies.
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