The priceless businesspeople of Türkiye and Germany will hopefully attain the goal of $60 billion in commerce quantity between the 2 nations in a few years, Trade Minister Ömer Bolat stated on Saturday, highlighting the scope of ties and calling for a customs union replace.
The minister was in Berlin to attend the twentieth Anniversary Program of the Turkish-German Chamber of Commerce and Industry (TD IHK).
On the event, Bolat evaluated the Turkish-German business ties, shortly after the go to of German President Frank-Walter Steinmeier to Ankara and official contacts with President Recep Tayyip Erdoğan.
Erdoğan on Wednesday expressed hope Ankara and Berlin wouldn’t encounter obstacles and give attention to discussing joint manufacturing initiatives, notably within the protection sector.
He stated Türkiye goals to develop bilateral commerce quantity with Germany, which has surpassed $50 billion, to $60 billion in a balanced method. The president stated that as NATO allies, Ankara and Berlin have multifaceted relations in numerous fields, from safety to financial system, and tradition to science.
Bolat in a publish on his social media account on X, previously Twitter, recalled the institution of TD-IHK in German metropolis of Cologne 20 years in the past with the participation of President Erdoğan and Gerhard Schröder, the previous Chancellor of Germany.
“Today, approximately 154 Chambers and Exchanges from Türkiye are represented among its total of 452 members. The other members consist of companies from both Türkiye and Germany,” he famous.
“Turkish-German economic ties have been on a promising trajectory, with a bilateral trade volume of $50 billion in 2023. Germany stands as a significant foreign direct investor in Türkiye, with direct investments totaling $687 million in 2023. Moreover, the presence of over 8,000 German companies in Türkiye underscores the robust confidence in our bilateral economic relations,” he added.
“People of Turkish origin and Turkish citizens in Germany play a pivotal role in our bilateral relations, with approximately 80,000 Turkish entrepreneurs generating an annual turnover of 80 billion ($85.57 billion) euros and employing 500,000 individuals,” stated Bolat.
As a part of his speech in Berlin, he recalled the strong progress of the Turkish financial system of 4.5% in 2023 and the earnings per capita of $13,110, emphasizing that every one of those had been achieved within the midst of crises such because the troubles of the world financial system and geopolitical tensions.
Evaluating Türkiye’s place in quite a lot of sectors such because the textile and attire business, wherein the nation ranks seventh globally, tourism business wherein it holds fourth place, and automotive the place it ranks thirteenth, Bolat stated that, “We have managed to become the No. 1 supplier in the white goods and electronics industry in Europe.”
“While doing these, we received great support and contributions from international investors, especially Germany. We thank them very much,” he famous.
“Türkiye has received $260 billion of international direct investment in the last 20 years. Germany’s share in this is $25 billion. That is 8.5% of the total. Hopefully, this will increase further in the coming period,” the minister stated.
He additionally highlighted that the German-Turkish Chamber of Commerce and Industry constitutes an essential bridge on this regard.
Updating customs ınion
Moreover, Bolat said that Turkish residents who’ve been dwelling and dealing in Germany since 1961 have fashioned a very powerful bond between the 2 nations with their “social bond,” and famous that they’ve made a major contribution to the German financial system by offering 500,000 jobs with the companies they established.
He stated that the customs union between Türkiye and the EU has been in impact for 28 years and has been applied efficiently.
It has introduced important advantages to either side, taking part in a significant position in enhancing the competitiveness of the Turkish financial system, business, companies sector and agriculture, based on the minister.
“As of last year, there was a total trade volume of $211 billion between the two sides, with $104.5 billion in exports from Türkiye to the EU and $105.5 billion in exports from the EU to Türkiye. Germany is the top exporter among EU countries and the EU is Türkiye’s most important trading partner,” he defined.
However, Bolat expressed that there have been some difficulties through the implementation strategy of the customs union.
“Especially when the EU makes free trade agreements with third countries without us at the table, it puts us at an economic disadvantage,” he said, including that the free motion of Turkish residents, which ought to have been part of the agreements for a very long time, has sadly not been realized so far.
He cited an instance of visa points Turkish residents have been dealing with lately, enduring lengthy instances to obtain an appointment and points that truck drivers face, thus hindering the motion of products.
Bolat indicated that Germany might play an essential position in renewing the customs union between Türkiye and the EU.
“Our expectation from our German friends, the German government, and the German business community is that hopefully the shortcomings of this customs union regime, which has lasted for 28 years between Türkiye and the EU, will be resolved, the scope of the service sector and investments will be included, and negotiations for the modernization of the customs union will start as soon as possible,” he concluded.
Source: www.dailysabah.com
