Latest news with #OmerBolat
Yahoo
07-05-2025
- Business
- Yahoo
Turkey, Britain to hold free trade agreement modernisation talks by end-July, trade minister says
ANKARA (Reuters) - Turkey and the United Kingdom agreed to hold the first round of negotiations to modernize and expand the scope of a Free Trade Agreement (FTA) between them by end-July, Turkish Trade Minister Omer Bolat said on Wednesday. The FTA between NATO allies Britain and Turkey was rolled over when Britain left the European Union in 2020, but a review by both sides in 2023 concluded there was room for improvement. In a post on X, Bolat said his meeting in London with UK Secretary of State for Business and Trade, Jonathan Reynolds, was productive and that the sides signed sections of the free trade agreement about motor vehicles and chemicals, taking an "important step in the modernization process." "Additionally, we agreed to hold the 8th session of the Türkiye–United Kingdom Joint Economic and Trade Committee (JETCO), where we will comprehensively assess our trade relations, in London later this year," Bolat added. (Reporting by Tuvan Gumrukcu and Huseyin Hayatsever; Editing by Toby Chopra)
Straits Times
07-05-2025
- Business
- Straits Times
Turkey, Britain to hold free trade agreement modernisation talks by end-July, trade minister says
ANKARA - Turkey and the United Kingdom agreed to hold the first round of negotiations to modernize and expand the scope of a Free Trade Agreement (FTA) between them by end-July, Turkish Trade Minister Omer Bolat said on Wednesday. The FTA between NATO allies Britain and Turkey was rolled over when Britain left the European Union in 2020, but a review by both sides in 2023 concluded there was room for improvement. In a post on X, Bolat said his meeting in London with UK Secretary of State for Business and Trade, Jonathan Reynolds, was productive and that the sides signed sections of the free trade agreement about motor vehicles and chemicals, taking an "important step in the modernization process." "Additionally, we agreed to hold the 8th session of the Türkiye–United Kingdom Joint Economic and Trade Committee (JETCO), where we will comprehensively assess our trade relations, in London later this year," Bolat added. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Reuters
07-05-2025
- Business
- Reuters
Turkey, Britain to hold free trade agreement modernisation talks by end-July, trade minister says
ANKARA, May 7 (Reuters) - Turkey and the United Kingdom agreed to hold the first round of negotiations to modernize and expand the scope of a Free Trade Agreement (FTA) between them by end-July, Turkish Trade Minister Omer Bolat said on Wednesday. The FTA between NATO allies Britain and Turkey was rolled over when Britain left the European Union in 2020, but a review by both sides in 2023 concluded there was room for improvement. In a post on X, Bolat said his meeting in London with UK Secretary of State for Business and Trade, Jonathan Reynolds, was productive and that the sides signed sections of the free trade agreement about motor vehicles and chemicals, taking an "important step in the modernization process." "Additionally, we agreed to hold the 8th session of the Türkiye–United Kingdom Joint Economic and Trade Committee (JETCO), where we will comprehensively assess our trade relations, in London later this year," Bolat added.
Asharq Al-Awsat
02-05-2025
- Business
- Asharq Al-Awsat
Türkiye Says Trade Deficit Widened 21.7% in April
Türkiye's trade deficit widened 21.7% year-on-year to 12$ billion in April, Trade Minister Omer Bolat said on Friday. Exports stood at $20.9 billion in April, while imports amounted to $33 billion, he told a press conference. The euro's gains against the US dollar since US President Donald Trump introduced new 10% baseline tariffs on all economies and slapped duties totaling 20% on the European Union had a positive effect on Turkish exports amounting to $440 million, Bolat also said. Meanwhile, the Turkish manufacturing sector contracted in April as output and new orders continued to ease amid subdued demand, with firms scaling back employment and purchasing activity, a survey showed on Friday. The Istanbul Chamber of Industry Türkiye Manufacturing Purchasing Managers' Index (PMI) was unchanged at 47.3 in April. This marked the 13th consecutive month of easing business conditions, with any reading below 50.0 pointing to a contraction in activity. Although new export orders eased the latest slowdown was the least pronounced so far this year, and the moderation in new business from abroad was also less marked than that seen for total new orders, the survey showed. Manufacturers continued to scale back employment and purchasing activity, instead reducing inventories, the survey showed. Manufacturers reported that suppliers quickened their deliveries in April, the survey showed, while the rate of input cost inflation quickened amid currency weakness and higher costs for raw materials. "An uncertain international economic environment added to the challenges facing Turkish manufacturers in April. As such, further moderations in new orders, output and exports were recorded by the latest PMI survey," said Andrew Harker, Economics Director at S&P Global Market Intelligence. "That said, there were some signs of improvement, raising hopes that the sector could potentially move closer to growth territory in the months ahead."
Middle East Eye
27-01-2025
- Business
- Middle East Eye
Syria slashes tariffs on 269 Turkish goods to ease trade tensions
Syria has reduced customs duties on Turkish products this week following consultations with a Turkish delegation last week, Turkish Trade Minister Omer Bolat stated on Monday. Earlier this month, the new Syrian government raised customs duties on Turkish imports by up to 300 percent, aiming to unify rates across its borders. This move resulted in a complete halt to trade with Turkey, sparking frustration among Turkish exporters and some Syrian businesspeople. Turkey's annual exports to Syria total approximately $2bn. On Friday, the Turkish trade ministry announced that Damascus had agreed to review the customs duties applied to Turkish exports to address disruptions and restore trade in the coming weeks. Bolat expressed regret that the customs regime, implemented by Syria on 11 January and intended as a "common and unified system for the entire world," had been misinterpreted by certain groups. He emphasised that "malicious distortions" of the policy had caused public confusion. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters 'As of this week, Syria has decided to reduce customs duties on 269 products, including key Turkish exports such as chicken, eggs, flour, corn, milk, cream, iron and steel products, and hygiene goods,' Bolat announced during an event in Ankara. Turkey has long had a significant role in Syria, backing opposition groups for over 13 years and carrying out incursions against Syrian Kurdish groups linked to Turkey's banned PKK. Recently, Ankara has sought closer ties with Syria's new administration, following the collapse of Syrian President Bashar al-Assad's regime in December. Ankara also revealed that both nations are working to revive a pre-civil war free trade agreement and to allow Turkish companies to operate across Syria, aiding reconstruction efforts and the restoration of essential services.
