Free trade agreement that was signed between Turkey and Chile will take effect on March 1, Anadolu News Agency reported.
Turkish State Minister for foreign trade Zafer Caglayan released a statement and said that they aimed to boost trade volume between Turkey and Chile to 1 billion U.S. dollars within next two years with the agreement.
The statement said that Turkey-Chile free trade agreement would contribute to competitive power and foreign investments.
It said Turkey opened a commercial consultancy office in Chile in accordance with the Council of Ministers decree dated on November 8, 2010, and added that it was an important step for improvement of economic relations between the two countries.
Trade volume was 576 million U.S. dollars in 2007 and it decreased to 238 million U.S. dollars in 2009, it said.
"In 2010 trade volume rose by 65 percent to 393 million U.S. dollars. With the free trade agreement, the two countries aim to increase trade volume between Turkey and Chile to 1 billion U.S. dollars within next two years," it said.