Turkey South Africa Trade Agreement

The EU has decided to focus on bilateral trade agreements as an instrument for boosting growth, with the introduction of its new “Global Europe” trade strategy in 2006. In line with this strategy, the EU has begun negotiating free trade agreements with specific provisions on services, investment, public procurement and intellectual property rights, in order to increase/maintain its competitiveness in global markets. Turkey is preparing for such an environment. After starting and starting negotiations in parallel with the EU, Turkey is also adapting to all the issues covered in the agreements and negotiating next-generation free trade agreements with its potential partners. In order to stimulate and facilitate trade and investment, the following agreement was signed: in sub-Saharan Africa, RSA is Turkey`s largest trading partner. Turkey`s trade with RSA, which accounted for about 18% of our trade with sub-Saharan Africa. The volume of trade between two countries amounted to $1.3 billion in 2019 (Turkey`s exports: USD 552.5 million; Import to Turkey: USD 757.5 million). For more information on trade statistics between South Africa and Turkey, visit the website of the Ministry of Trade, Industry and Competition in South Africa. Turkey is one of South Africa`s main trading and investment partners in Central and Eastern Europe. The volume of bilateral trade between SA and Turkey increased by 39% to $669 million between January and June 2011, or $482 million for the same period in 2010. Turkey negotiates and concludes free trade agreements with third countries in parallel with the global trend towards free trade agreements and its commitment to the customs union. Under the EU common tariff, preferential trade regimes are the most important part of trade policy towards third countries.

It stressed that the main Turkish retail brands would strengthen their presence in South Africa, either through franchise agreements or through direct investment in retail in the country. Bilateral trade between Turkey and South Africa amounted to $1.3 billion in 2019. 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. Since 2018, the EU has been Turkey`s main trading partner, with 50% of its exports and 36% of its imports. [2] AfCFTA is a free trade area among 54 of the 55 members of the African Union. The agreement was negotiated by the African Union and signed in 2018. Earlier this year, the African Union announced that AfCFTA would be effective on 1 January 2021. Turkey, a party to the 1947 General Agreement on Tariffs and Trade (GATT) and a member of the World Trade Organization (WTO) since 1995, implements free trade agreements in accordance with Article XXIV of the 1947 GATT.