Turkey Trade Agreement With South Africa

The free trade agreements signed with Lebanon, Kosovo, Sudan, Qatar and Venezuela are in the process of ratification. In addition, Turkey has started negotiations on extending the scope of its existing free trade agreements with a view to updating and deepening their scope. In this regard, negotiations with EFTA, Serbia, Bosnia and Herzegovina and Montenegro have been concluded and negotiations with Georgia and Malaysia will be concluded in the near future. NOTE: There is a discrepancy between the trade figures provided by the South African Customs and Excise Authorities and the Turkish authorities. This is mainly due to the fact that the SA figures indicate trade figures on the basis of the ”first country of destination”, while the Turkish figures indicate trade figures based on the ”initial country of origin”. South Africa is one of the priority destinations for Turkish companies, as it is an open economy with a well-established market and quality infrastructure. Turkey had proposed a free trade agreement with South Africa to strengthen trade and commerce relations by speeding up trade in goods. To date, Turkey has concluded free trade agreements with 36 countries, 11 of which have been repealed following the accession of these countries to the EU. Twenty free trade agreements are currently in force in Turkey[1]; EFTA, Israel, Macedonia, Bosnia and Herzegovina, Palestine, Tunisia, Morocco, Syria[2], Egypt, Albania, Georgia, Montenegro, Serbia, Chile, Mauritius, South Korea, Malaysia, Moldova, the Faroe Islands and Singapore. Up-to-date information on trade statistics between South Africa and Turkey is available on the website of the South African Department of Trade, Industry and Competition.

Bilateral trade and investment between Turkey and South Africa is expected to increase as both countries recover from the effects of the novel coronavirus, the Turkish ambassador to South Africa said. She pointed out that Turkey`s leading retail brands are also increasing their presence in South Africa, either through franchise agreements or through direct investment in retail businesses in the country. In sub-Saharan Africa, RSA is Turkey`s largest trading partner. Turkey`s trade with RSA, which accounts for about 18 percent of our trade with sub-Saharan African countries. The volume of trade between two countries amounted to $1.3 billion in 2019 ($552.5 million in exports from Turkey; Import into Turkey: USD 757.5 million). This page lists the free trade agreements signed by Turkey. [1] In 1995, Turkey signed a customs union with the European Union for products other than agricultural products and services. . . .

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