As a member of the World Trade Organization (WTO), Turkey has signed several free trade agreements, including those with the European Free Trade Association (EFTA), Israel and many other countries.

Turkey and 10 other nations in the region formed the Black Sea Economic Cooperation (BSEC) Council in 1992. Its goal is to expand regional trade and economic cooperation. In 1996, Turkey joined the EU Customs Union and has benefited from trade ties with the European bloc. Benefits include:

• Elimination of customs duties and charges as well as quantitative restrictions or measures (free movement of goods).
• Common Customs Tariff against third countries.
• Approximation of Turkish commercial code to the Union?s one putting an emphasis on protection of intellectual, industrial and commercial property.
• A free, competitive market economy without government procurement.

The U.S. and Turkey also formed a Trade and Investment Framework Agreement in 1999 and launched an Economic Partnership Commission in 2002 to upgrade bilateral economic relations. As a result of these agreements, Turkey?s 2006 exports to the U.S. totaled about $5.4 billion, while U.S. exports to Turkey totaled $5.7 billion.

Turkey and the European Union (EU) are currently reviewing the nation?s trade laws and policies as part of Turkey?s bid for EU membership.

Source: U.S. Department of State