Turkey is set to embark on a major new chapter of trade and investment with Syria, marking a “great move” in the country’s economic relations, according to Turkish Trade Minister Omer Bolat. Speaking at the Türkiye Exporters Assembly meeting on Friday, Bolat highlighted the historical context of trade between the two countries, noting that in 2011, trade amounted to $1.8 billion in exports and $660 million in imports. By 2024, this figure has grown to $2.2 billion in exports, with imports from Syria down to $438 million, showing a stronger flow of goods from Turkey to Syria.
Bolat explained that although Turkey and Syria signed a Free Trade Agreement (FTA) in 2007, it was suspended after the onset of Syria’s civil war in 2011. However, with peace efforts in progress, Turkey is now finalizing preparations to revive the FTA and customs protocols with Syrian authorities. The goal is to maximize trade and investment opportunities, with an eye on rebuilding a stronger Syria.
In addition to the renewed focus on Syria, Bolat also discussed Turkey’s expanded Free Trade Agreement with Palestine, where concessions were made on 41 agricultural products, including a significant increase in the dates quota, which rose from 1,000 tons to a final target of 7,000 tons.
Turkey’s focus on enhancing regional trade relationships reflects its broader strategy to promote economic growth and stability in the region, particularly through cooperation and mutual benefit.
NEWS DESK
PRESS UPDATE