Ethiopian President highlighted both parties’ effort to develop economic relations, “President Recep Tayyip Erdoğan gave us a great opportunity and during this visit we were able to come together with the business world. Historical ties between too countries is very old and by looking back at the history you will see that Ethiopia was once a neighbor. Now, Ethiopia is Turkey’s long distance neighbor and it is ready to collaborate” said the president. Foreign direct investment should not be limited to textile but the country needs investment in infrastructure and energy to complete its industrialization. Private sector will have a key role in the development. Ethiopia targets to be a mid-developed country and wants Turkey to have a part in this process. Country needs to advance in the sectors of health and education to enable high quality labor. He invited Turkish businessmen to Ethiopia to make investments in geothermal and hydroelectric power plants.

Minister of Economy of Turkish Republic Nihat Zeybekci emphasized developing relations with Ethiopia and Turkey’s 2.5 billion USD worth investment in the country. “Turkish investors’ interest in Ethiopia is growing and I personally trust and believe in Ethiopia. Financial, technical and industrial support will be provided. During our visit in Ethiopia in December we will be able to benefit from Free Trade Agreement” said Nihat Zeybekci during his opening speech.

DEİK President Ömer Cihad Vardan drew attention to DEİK’s effort in Turkey’s African Expansion strategy. “Just like DEİK/Turkey-Ethiopia, DEİK has business council in 39 countries. Thus, we are hoping to take advantage of this network. In the beginning of last November Turkey-African Economy and Business Forum took place in Istanbul. In the summit, there were 3,500 people including a team from Ethiopia. We will continue our efforts and we hope to see Ethiopia’s presence in the upcoming events. A similar event will take place in the end of April in cooperation with ministry of Agriculture. The summit will only be about agriculture and agribusiness. Ethiopia’s participation in this summit is significant since it is a powerful country regarding agriculture” said the President.

DEİK’s Counterpart Organization Ethiopian Chamber of Commerce & Sectoral Associations’ President Endalkachew Sime stated “Turkey and Ethiopia has a great partnership. Within this partnership, investment has reached a 500 million USD and if private sector also contributes a greater chapter will begin. Infrastructure in manufacturing and agribusiness is very critical and Turkey is an exceptional trade partner to establish win-win solutions.

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Australia and Indonesia have concluded negotiations on a new trading agreement that will eliminate tariffs on a range of products.

On August 31, Australian Prime Minister Scott Morrison and Indonesian President Joko Widodo announced the conclusion of the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA).

Morrison and his Minister for Trade, Simon Birmingham, said in a statement: “IA-CEPA will support Australian industrial producers in areas such as steel, copper, and plastics. Australian service industries including health, mining, telecommunications, tourism, and education will also have greater access to Indonesia’s growing economy.”

In addition, Australian farmers will be able to export 500,000 tonnes of feed grains, such as wheat, into Indonesia tariff free.

Morrison told reporters that “when you’re getting rid of tariffs, you’re basically taking taxes off things that are being bought in Australia and our key imports that come out of Indonesia – particularly petroleum and furniture and… wood and even footwear – these are things that will no longer have tariffs on them.”

Australia and Indonesia agreed in November 2010 to negotiate a free trade agreement. Negotiations stalled, with only two rounds of talks held between 2010 and July 2013. Negotiations were then “reactivated” in March 2016, following a three-year hiatus.

Both sides agreed to commit to conclude negotiations on the broader Regional Comprehensive Economic Partnership.

The announcement was welcomed by the Australian Chamber of Commerce and Industry. CEO James Pearson said: “We hope that [the] announcement, and the prospect of a formal signing in the near future, will boost trade and investment between our two nations, and build on the fact that Indonesia and Australia are already partners, along with the rest of ASEAN, in our long-standing trade agreement AANZFTA [the ASEAN-Australia-New Zealand FTA].”

However, Pearson warned that Australia must do more to remain competitive, with competition for global markets becoming more intense and the prospect of trade wars looming. He said: “Australia is already suffering from a decline in our ranking in international competitiveness and international trade, which means less investment, fewer jobs, and missed opportunities for Australian businesses.”

Source: Tax News
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The Israeli Ministry has claimed that the price of the good increased excessively (the wholesale price of tomatoes reached 7 Turkish liras (7 shekels) per kilo in the country), as a result of that a certain amount of tomatoes impoted from Turkey will be exempt from tax.

Furthermore, Turkey is planning to expand the scope of Free Trade Agreement with Israel and increase the regional collaboration with the country.

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Ukraine’s Prime Minister Volodymyr Groysman expressed that diplomatic relations of Turkey and Ukraine have exceeded 25 years. “Relation of Turkey and Ukraine is really good. With the agreement signed yesterday, citizens will have free access to each country with their national identity cards. Turkey and Ukraine can work on a large spectrum of fields comprising of aerospace technology and mining.” There is an increase in the number of Ukrainian tourist to Turkey; we project a 3 billion USD revenue in tourism. He continued his words by saying “I believe in joint success; thus, agreements will be signed in a short time of period. Turkey is an innovative country with many opportunities, be bold and brave in your investments.”

Turkey’s Deputy Prime Minister Mehmet Şimşek, “We want to develop our relations with Ukraine, thus, we believe that Free Trade Agreement, Tax Agreement and Agreement on Mutual Protection will be key enablers. Trade volume in 2008 was 8 billion USD yet our joint target is 20 billion USD. In order to develop trade volume, we must invest and trade more. Now that both countries’ citizens can travel with their national identity card, this will translate to higher investment and trade. Our companies are interested in bids. Turkey has been through hard times and it is open to future investment from Ukraine. Turkey and Ukraine will hold firm stance to expand Custom Union with the European Union”.

DEİK Executive Committee Member Ebru Özdemir, expressed that Turkey gives great importance to relations with Ukraine and both countries share same vision. “Two countries complete each other geographically. Ukraine and Turkey are not only significant in Eurasia but also in Europe. Two countries’ joint strategic vision will enable development and stability in the region. Economic and investment relations should develop more rapidly to reach 20 billion USD target by 2020. Legal infrastructure must be completed to ease economic and trade relations between Turkey and Ukraine. Free Trade Agreement needs to get signed. Cooperation will not only create a win-win situation for both countries but it will add value to the entire region. We need to get it done really fast.”

DEİK/Turkey-Ukraine Business Council President Ruşen Çetin stated that Ukraine and Turkey complete each other, and both countries’ traditions and lifestyles are similar.Mutual investments and trade should increase, Çetininvited Turkish entrepreneurs to invest in Ukraine and Ukrainan business people to Turkey.

Turkey-Ukraine Trade Figures (Ministry of Economy- 2016)
Turkish Export to Ukraine: 1.2 billion USD
Main Export items: Citrus, textile, motor vehicles, sunflower seeds
Turkish Import from Ukraine:2.5 billion USD
Main Import items: Iron and steel, soya bean, vegetable oils, basic metals
Trade Volume:3.8 billion USD
Trade Balance: 1.2 billion USD in favor of Ukraine

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