The four countries signed a declaration last week on the sidelines of the Turkish-Arab Cooperation Forum (TAC) in Istanbul to set up a free trade zone without visa restrictions and to establish a high-level cooperation council. According to the IMF data, Turkey has the largest economy among the four countries, with an expected GDP (PPP) of $ 932.2 billion by the end of the year, which is expected make the country the 16th largest economy in the world. With a predicted GDP (PPP) of $105.2 billion, Syria is estimated to become the 66th biggest economy, while the GDP of Lebanon and Jordan calculated based on PPP will grow to $58.5 billion and $35.2 billion, respectively, in 2010, the IMF data reveal, suggesting the proposed alliance would have a GDP of $1.13 trillion based on PPP.
Turkey runs a surplus in its foreign trade with the three countries, Turkish Statistics Institute (TurkStat) data show. Trade volume between Turkey and Syria in 2009 was $1.75 billion, with Turkish exports to Syria totaling $1.42 billion. Turkey’s trade volume with Lebanon amounted to $795.25 million and with Jordan $476.28 million last year. Turkey’s exports to these two countries were around $686.54 million and $455.92 million, respectively.
