ECONOMIC and COMMERCIAL RELATIONS BETWEEN TURKEY and CANADA, 21.09.2015
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 2,3 billion USD in 2013.
2013 2014 January - July 2015
Turkish Exports to Canada: 1,28 billion Dollars 1,27 billion Dollars 622 million Dollars
Turkish Imports from Canada: 862 million Dollars 962 million Dollars 404 million Dollars
Total: 2.14 billion Dollars 2.24 billion Dollars 1.1 billion Dollars
Turkey exports to Canada with a product mix of unwrought gold, trucks, medicine, marble and hazelnut; Turkey imports from Canada are iron, iron-steel scrap, bituminous coal, wood pulp and lentil as the top products of the list. Turkey’s jewellery import to Canada made a record jump in 2011, reaching 230 million dollars. On the other hand, the import of iron-steel scrap from Canada increased by 15 times and reached 333,84 million dollars as the top imported good. The other product that increased the most among Turkey’s imports from Canada is lentil.
Being strong and stable enough to avoid the global economic crises, both Turkey and Canada still have a lot of room to improve their bilateral trade relations. The trade volume between the two countries is expected to further increase as the global markets gradually recover from the economic crises. The issue of geographical distance between Canada and Turkey is considered to be resolved with the initialization of the Air Transportation Agreement in 2009, which paved the way for the direct flights from Toronto and Montreal to Istanbul operated by the Turkish Airlines. The number of direct flights is gone up to six times a week in 2012 from Toronto in 2012 and three times a week from Montreal in 2014.
The Agreement of Prevention of Double Taxation between Canada and Turkey was signed in July 2009 and came into effect on January 1, 2012. Following the finalization of exploratory talks in 2013, the Turkey-Canada Free Trade Agreement awaits for the negotiations to be finalized in order to bring the economic and commercial relations to the desired level.
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. Canadian companies are interested in investing in the sectors of mining, transportation, communication, banking and energy in Turkey.