Trade between Turkey and Arab states soars

Trade between Turkey and Arab countries grew eight-fold last year.

Trade between Turkey and Arab states soars

World Bulletin / News Desk

The trade volume between Arab states and Turkey increased almost eight-fold to US$57 billion last year, a top official representative of the Arab Union in Turkey said on Friday.

During the ninth Turkish-Arab Economic Forum held in Istanbul, Muhammed el-Fatih en-Nasiri, the ambassador of the Arab Union in Turkey said that the annual trade volume between Turkey and Arab countries, which was below US$7 billion in 2002, rose to US$57 billion in 2013.

Nasiri referred to the investment climate in Arab countries and urged for diversification of investments in other countries. He said that “Arab countries should focus on all Arab regions, not just on a limited area."

He explained that structural reforms, in line with public demand, should be made in order to attain increased welfare in the region but warned that these reforms take time to actualize.

Arab Union was founded in 1945 by Egypt, Iraq, Jordan, Lebanon, Saudi Arabia and Syria in 1945 in order to promote cooperation and coordination between member states and protect sovereignty and freedom of member countries. Currently the Union has 22 members.  

Last Mod: 30 Mayıs 2014, 15:49
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