Turkey's exports to Qatar have almost doubled in the first eight months of this year. The fraternal relations between Turkey and Qatar, one of Ankara's closest allies in the Gulf region, have resulted in the high increase in bilateral trade.
According to Aegean Exporter's Association (EİB) data released yesterday, Turkey's exports to Qatar have increased 93 percent year-on-year from January to August – reaching a total of $636 million from $330 million in the same period last year. The iron and nonferrous metal sector topped the exports list to the country with $118 million, followed by the electrical-electronics sector and the chemical sector with $75 million each, while exports by the ready-to-wear garment sector topped at $45 million.
Speaking of the Economic and Partnership Agreement signed between the two countries, EİB Coordinator Jak Eskinazi said that the signing of the agreement that provides free trade and the removal of tariffs and non-tariff barriers ahead of the International Product Fair in Qatar was a very timely decision
Recalling that the two countries' central banks inked a currency swap agreement ahead of the fair, Eskinazi said: "Qatar has announced to the whole world that it has made a decision to invest $15 billion in Turkey. The currency swap agreement signed between Turkey and Qatar will facilitate trade in local currency between the two countries. Turkish exporters can turn this advantageous climate either by concentrating on this country or participating in the International Product Fair."
Meanwhile, it was reported that Turkey, Algeria, Azerbaijan, Iraq, Kuwait, Morocco, Oman, Tajikistan, Pakistan and Tunisia were invited to the International Product Fair, to be held at the Doha Exhibition and Convention Center on Oct. 8 to Oct. 10.