Free trade deals help Turkey avoid fallout from crisis

Free trade agreements constitute an important tool in developing economic cooperation, encouraging liberalization of goods trade and establishing fair competitive conditions in bilateral trade. Exports to the countries Turkey has signed free trade agreements with rose 10 percent in the first 10 months of 2009, even as Turkey's aggregate exports dropped 28 percent. Free trade deals helped Turkey ameliorate the fallout from the economic crisis and supported an increase in exports, figures show. In 2008, exports to countries Turkey has deals with totaled $12 billion, and their share of overall exports was 10 percent. To date Turkey has signed free trade agreements with 26 countries to harmonize with the European Union's preferential customs regimes within the scope of the Customs Union, according to the Foreign Trade Undersecretariat. Talks on new free trade deals are currently underway with Lebanon, the Gulf Cooperation Council (which includes the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain), and MERCOSUR, a regional trade agreement among Argentina, Brazil, Uruguay, Paraguay, the Faroe Islands, Ukraine, Mauritius, Seychelles and Libya. The aim is to complete the deals as soon as possible. There are also initiatives to launch free trade talks with countries and blocs such as Algiers, Mexico, the Southern African Customs Union, and the Association of Southeast Asian Nations (ASEAN).