Turkey signs trade agreement with South America

Mercosur, is a Regional Trade Agreement (RTA), is defined as the third biggest economic integration in the world following the EU and North American Free Trade Agreement.

Turkey signs trade agreement with  South America

Turkey has opened to South American market, economy bureaucrats said on Tuesday.

Turkey signed a preferential trade agreement with Mercosur, the common market of South America, in a summit in Argentina.

Mercosur is a Regional Trade Agreement (RTA) among Argentina, Brazil, Paraguay and Uruguay founded in 1991 by the Treaty of Asunción, which was later amended and updated by the 1994 Treaty of Ouro Preto. Its purpose is to promote free trade and the fluid movement of goods, people, and currency.

Turkish foreign trade bureaucrats aim to open to South American market by signing a free trade agreement with Mercosur. The preferential trade agreement signed in Argentina would constitute a frame agreement for free trade agreement negotiations, the bureaucrats also said.

Turkish exports to Mercosur states were around 171 million USD in 2006 and 304 million USD in 2007. Imports from the region by Turkey were around 1.3 billion USD in 2006 and 1.6 billion USD in 2007.

Mercosur is defined as the third biggest economic integration in the world following the European Union (EU) and North American Free Trade Agreement (NAFTA). Venezuela joined the market in 2006. Chile, Bolivia, Peru, Colombia, Ecuador and Mexico signed free trade agreements with Mercosur and became a partner to the market.

The bloc has a market figure around 1 trillion USD and comprises a population of around 200 million.

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Last Mod: 01 Temmuz 2008, 11:58
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