Bilateral free trade talks between Japan and Turkey set off

First round of negotiations for a bilateral free trade agreement between Japan and Turkey started on Monday with the aim to further strengthen their economic cooperation.

Japan wants to quickly seal an agreement with Turkey after the country signed a free trade deal with South Korea last year that could undermine Japan’s competitiveness in exports.

The meeting, to be held over two days in Tokyo, follows an agreement reached in January between Prime Minister Shinzo Abe and then-Prime Minister Recep Tayyip Erdogan, now Turkey’s president, to launch FTA negotiations this year.

Turkey, with a domestic market of more than 75 million people, has enjoyed rapid economic growth in recent years. With its geographical proximity to Europe, Africa and other Middle Eastern countries, it has attracted companies as a hub that connects businesses with the neighboring nations.

According to a report of the joint study group on the bilateral FTA, Turkey mainly exports agricultural goods and textile products, such as clothing and carpets, to Japan. The issue of market access for Japanese farm goods could be a point of argument as it is a politically sensitive area for Tokyo.

While, Japan’s main exports to Turkey are industrial products. Tokyo is particularly interested in the abolition of Turkish tariffs on automobiles and auto parts.

In 2012, Japan’s imports from Turkey totaled around $575 million, while Turkish imports of Japanese goods stood at $3.6 billion for the same period.

During the first round of negotiations, the two sides plan to mainly discuss ways to promote their talks down the road. They are expected to enter full negotiations in the next round.

Recent Posts

Kathmandu unveils carbon capture technology activewear

Kathmandu has launched Seeker range, an innovative and sustainable activewear collection that merges eco-friendly advancements with functional design.

1 day ago

GOTS joins Make the Label Count for textile sustainability

The Global Organic Textile Standard (GOTS), managed by the non-profit organization Global Standard, has joined the Make the Label Count…

1 day ago

Pact Group, BlockTexx to boost garment recycling

Packaging company Pact Group has partnered with textile recycling technology firm BlockTexx to develop a system for recycling discarded clothing…

1 day ago

Loftex promotes sustainability with innovative towel collection

Loftex USA is strengthening sustainability with the launch of eco-friendly towel sets, blending innovative performance features with luxurious designs.

2 days ago

Toray Industries produces sustainable acrylic fiber

Toray Industries, Inc. announced that starting this April, it will implement the mass balance approach in manufacturing its TORAYLON™ acrylic…

2 days ago

Cxffeeblack, COMOCO Cotton develop sustainable t-shirt

Cxffeeblack has joined forces with COMOCO Cotton, a sustainable textile company, to create a special coffee-dyed T-shirt made from unbleached…

2 days ago