Turkey, Algeria begin talks on preferential trade agreement
Date
6/25/2024 8:20:06 AM
(MENAFN) During the opening of the 55th edition of the Algiers International Fair, Turkish Trade Minister Omar Bolat announced on Monday that Turkey and Algeria are set to commence negotiations on a preferential trade agreement. Bolat's speech at the event, which saw the participation of approximately 700 national and foreign exhibitors from 20 countries, emphasized the commitment of both nations to boost bilateral trade to USD10 billion.
Highlighting the existing economic ties between Turkey and Algeria, Bolat noted that the volume of trade exchange between the two countries reached USD6.3 billion last year. He expressed optimism that this positive trajectory will continue to ascend in the coming months. Bolat underlined the significant role of Algeria as Turkey's gateway to Africa and its largest investment partner on the continent.
Bolat further elaborated on the depth of economic engagement between Turkey and Algeria, stating that Turkish investments in Algeria have exceeded USD6 billion. Beyond traditional sectors like oil and natural gas, Turkey has emerged as a major investor in Algeria, contributing significantly to job creation in the country.
In addition to enhancing economic ties, Bolat underscored Turkey's commitment to supporting Algerian investors seeking opportunities in Turkey. He emphasized ongoing efforts to expand cooperation and investments in various sectors, including renewable energy, water infrastructure, mining, solar energy, and hydrocarbons.
The minister also highlighted recent developments aimed at facilitating bilateral travel and trade. He mentioned that a recent agreement between Turkey and Algeria, signed in Ankara on May 7, resulted in the lifting of mutual flight restrictions. As a result, flight frequencies between the two countries have increased substantially, from 35 to 80 flights per week, further bolstering economic and people-to-people exchanges.
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