D-8 Learns on the Progress of Trade Zone in Turkey
Istanbul, Turkey | February 18, 2008 by
The overall trade volume in Turkey’s free trade zones increased by 3.1 percent last year, reaching $24.57 billion, according to data from the Turkish Foreign Trade Undersecretariat.
The champion of free trade zones was Istanbul’s Leather Free Trade Zone, reaching a volume of $6.3 billion. The Aegean Free Trade Zone accounted for $4.1 billion, while Istanbul’s Atatürk International Airport reached $3.6 billion. Trade volume in Mersin’s free trade zone increased 35.7 percent, reaching $2.6 billion, whereas trade in Istanbul’s Trakya Free Trade Zone contracted by 6.3 percent, falling to $2.3 billion. A reduction of 16.3 percent was seen in Bursa’s free trade zone, falling to $1.6 billion.
The least successful free trade zones of the past year were those in Rize and Trabzon in the Black Sea region and Mardin in the Southeast. The trade volume in Mardin fell dramatically, 93.6 percent, to a meager $112,000. The volume in Rize increased 45.3 percent to $11.6 million, while the volume in Trabzon rose 185.3 percent to $38.8 million.
The bulk of the trade in these zones was with the European Union and the Organization for Economic Cooperation and Development member states. The trade with EU countries reached $7.5 billion, while trade with other OECD members reached $1.7 billion. Sales from Turkey’s free trade zones to members of the Commonwealth of Independent States (CIS) also surpassed $1 billion. The trade with Northern African and Middle East countries reached a total of $1.14 billion.
Free trade zones are specially designated areas, where normal trade barriers between nations are eliminated and bureaucratic requirements are lowered. Turkey, like many other countries, utilizes them to enhance exports and hasten the flow of foreign investment.
Free Trade Zone cooperation among member states is among the issue emphasized by D-8 Organization in its program and framework of collaboration. The cooperation in free trade zones has a magnifying effect on fostering member countries promotion of industrial development and investment within D-8 countries.
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