Observers said the FTA with Chile marked the beginning of Turkey’s economic integration with the region. The two countries are expecting to increase the size of mutual trade, which was $238 million in 2009 and $393 million in 2010, to $1 billion within the next two years.
In a written statement on Tuesday Foreign Trade Minister Zafer Çağlayan said the FTA with Chile would serve as a door to the large South American market for Turkish entrepreneurs. “This agreement will help our entrepreneurs diversify their export markets as well as promoting investment opportunities for Turkey in South America.” Some major trade areas between Turkey and Chile are iron and steel, motor vehicles and produce.
The two countries will reciprocally remove all customs duties for industrial goods. Turkey also earlier said it would open a trade representative office in Chile. Chilean authorities have also expressed hope that the FTA with Turkey will make it possible for them to enter the vast Asian markets. Turkey currently has FTAs with 13 nations as well as with members of the European Free Trade Association (EFTA), a free trade organization of four non-EU member European states.
Çağlayan was expected to leave for the Portuguese capital of Lisbon on Tuesday evening. Çağlayan is scheduled to discuss business relations between Turkey and Portugal with his Portuguese counterparts along with Turkish investors in the country.
