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Turkey eyes to increase trade with Arab League member states

Business Materials 19 February 2018 11:48 (UTC +04:00)

Baku, Azerbaijan, Feb. 19

By Rufiz Hafizoglu - Trend:

Turkey intends to increase trade turnover with the Arab League member states, a source in the Union of Chambers and Commodity Exchanges of Turkey (TOBB) told Trend Feb. 19.

The Arab League member states’ market is one of the priority and profitable ones for Turkey, according to the source.

“Production value in the Arab League member states is $3 trillion, and exports - $2.7 trillion,” the source said.

The source noted that over the past 10 years, the trade turnover between Turkey and the Arab League member states amounted to $49 billion.

“Twelve percent of Turkey’s total foreign trade accounts for the share of the Arab League member states, while the volume of trade turnover between the Arab League member states and Turkey is only two percent,” the source said.

In 2017, Turkey’s imports amounted to $233.8 billion, while exports stood at $157 billion, according to the TOBB.

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