Türkiye has initiated a transit trade with Saudi Arabia to keep shipments moving to regional countries amid disruptions in the Strait of Hormuz, Trade Minister Ömer Bolat said Monday.
Speaking at a ceremony in Ankara, Bolat said products unable to pass through the strategic waterway would be redirected through alternative logistics channels.
"We have launched transit trade through the agreement made with Saudi Arabia. With this, products that cannot pass through the Strait of Hormuz will continue to reach countries in the region, some through pipelines and some through road transportation," he said.
Bolat said transit visas are now being issued under the arrangement with Saudi Arabia, adding that the move would help sustain trade flows across the Gulf region.
He said the world is going through a period of major uncertainty and stressed that the government is working to prevent economic interests from being damaged under the current conditions.
Bolat said Türkiye is seeking to increase exports of goods and services while keeping imports at reasonable levels, adding that producers are being backed through production support schemes and investment incentives.
Referring to the war that began in late February with U.S. and Israeli attacks on Iran, he said energy basins had been closed to traffic, causing serious disruptions in products including petrochemicals, chemicals and fertilizers.
He also said Türkiye has made major advances in logistics and now has a logistics sector worth $112 billion.
On agriculture, Bolat said Türkiye has sufficient stocks, particularly in food products, and expects record output in nearly all products this year if there is no frost risk.
He also said the government has built adequate fertilizer stocks to prevent supply problems in agriculture, placed exports under registration, and reduced customs duties on imports to zero.
