Free Trade Agreement Turkish

Free trade agreement Turkish: What You Need to Know

Turkey is a rapidly developing country with a rich history, diverse culture and a large population of over 80 million people. The Turkish economy is also the 13th largest economy in the world, making it an attractive market for investors and businesses looking to expand their operations.

One of the primary ways in which Turkey promotes international trade and economic growth is through free trade agreements. A free trade agreement (FTA) is a pact between two or more countries that eliminate or reduce barriers to trade, such as tariffs, quotas and other restrictions.

In this article, we’ll take a closer look at the free trade agreement Turkish and why it matters for businesses considering entering the Turkish market.

What is the Free Trade Agreement Turkish?

The Free Trade Agreement Turkish (the “Turkey FTA”) is a comprehensive trade agreement between Turkey and the European Union (EU) that came into force on December 31, 1995. The agreement aims to promote trade and investment between Turkey and the EU and to create a level playing field for businesses to operate in both markets.

The Turkey FTA covers a wide range of areas, including trade in goods, services, government procurement, intellectual property, competition, and sustainable development. Under the agreement, Turkey and the EU agree to eliminate or reduce tariffs on goods traded between them, open up their markets for services, and recognize each other’s standards and regulations.

Benefits of the FTA for Turkey

The Turkey FTA provides several benefits for Turkey, including access to the EU’s vast market of over 450 million consumers. The agreement also helps to increase foreign investment in Turkey by making it more attractive for businesses to invest in the country.

The FTA also promotes trade liberalization and competition, which can lead to lower prices for consumers and increased efficiency for businesses. By reducing barriers to trade, the agreement promotes economic growth and helps to create jobs in both Turkey and the EU.

Benefits of the FTA for the EU

The Turkey FTA also provides several benefits for the EU. The agreement allows EU businesses to export their goods and services to Turkey without facing high tariffs or other trade barriers. It also provides a framework for EU companies to invest in Turkey, which can help to promote economic growth and create jobs in both markets.

The FTA also helps to create a level playing field for businesses in both markets by ensuring that they are subject to the same standards and regulations. This can help to prevent unfair competition and ensure that businesses compete based on their merit and quality of their products or services.

Conclusion

The Free Trade Agreement Turkish is an important trade agreement that has helped to promote trade and investment between Turkey and the EU for over 25 years. The agreement provides several benefits for businesses looking to enter the Turkish market, including access to a large and rapidly growing market, increased foreign investment, and reduced trade barriers.

As the Turkish economy continues to grow and develop, the Turkey FTA is likely to play an increasingly important role in promoting international trade and economic growth. Businesses that are considering entering the Turkish market should make sure that they are aware of the benefits and opportunities provided by the agreement and take advantage of them.

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