A new page is opening in economic and technological relations between Canada, which once imposed an embargo on Turkey for political reasons, and Turkey. Discussions have begun between Turkey and Canada to expand cooperation in trade, investment, and high-tech sectors, and to sign a Free Trade Agreement.
According to the agreement published by the Ministries of Trade of both countries, an understanding has been reached to initiate exploratory talks for a Free Trade Agreement to more effectively utilize the potential of existing commercial relations.
What is a Free Trade Agreement?
A Free Trade Agreement (FTA) is an agreement between two or more countries to reduce or completely eliminate customs duties and various trade barriers in their trade with each other. Under the agreement, customs duties between the two countries can be completely abolished. Various incentives can also be provided for mutual investments by companies in both countries.
The statement also highlighted the Air Transport Agreement, which was recently expanded. It was emphasized that increased air connections between the two countries will create new opportunities for business people, exporters, and technology companies. Enhanced transportation networks are expected to support trade volume and investment relations.
The Ministry's announcement underscored cooperation opportunities in the energy, defense industry, aviation, and space sectors. Investigations have been initiated for potential cooperation opportunities in these areas. A consensus was reached on exploring possibilities for developing partnerships that will promote growth, investments, and joint technological advancement, including collaborations in defense, security, and related industrial fields.
With the Free Trade Agreement and potential collaborations, the aim is to encourage mutual investments between the two countries and provide lasting benefits for the people of both nations.
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