Turkey Financial News

Posted by meb at August 30th, 2008

Turkey’s importance for Europe has grown in the aftermath of a brief Russian-Georgian war in the Caucasus and Europe should develop joint strategies with Turkey, members of the European Parliament said yesterday.

Cem Özdemir, a German member of the European Parliament, said it was an undeniable fact that Turkey’s importance has grown in the aftermath of the Caucasus crisis. “This is why there is a greater need for closer ties between Turkey and the European Union,” he told a press conference in Berlin. “Of course, there are conditions to be met for this, but Turkey should become a part of Europe.” (more…)

Posted by meb at August 30th, 2008

The Georgian incursion into South Ossetia and the ensuing Russian response has dealt a serious blow to trade in the Caucasus, which was already battered by tension in the region.

Turkey suffered serious losses in economic terms. The country’s trade not only with Georgia, but also with Azerbaijan and Central Asia was blocked. Thousands of trucks had to wait on the road and deliveries could not be performed.

There is talk now about restrictions imposed by Russia on Turkish commodities at its customs. Following the crisis in Georgia, Russia distributed a circular that imposed several restriction on goods imported from Turkey and instructed Russian officials to slow down the acceptance procedures for Turkish goods at customs, which meant a secret embargo was put in place by Russian authorities on Turkish commodities. According to a statement from the Russian side, Russian authorities are just trying to assert control over their customs and fight against bribery and corruption. However, Turkish exporters argue that this practice discriminates against trucks coming from Turkey. (more…)

Posted by meb at August 30th, 2008

Foreign Trade Minister Kürşad Tüzmen announced on Friday that Turkey will begin implementing reciprocal measures on Monday in response to a recent increase in security measures leveled by Russia against Turkish exporters.

Speaking to the press after he received Iraqi Planning and Development Minister Ali Baban and a delegate of Iraqi officials in Ankara, Tüzmen said the obstacles against Turkish trucks attempting to pass through Russian borders were completely against World Trade Organization (WTO) agreements. “These hindrances fall under the definition of ‘trade barriers,’ which are strictly forbidden by international agreements,” he said. (more…)

Posted by meb at July 4th, 2008

Turkey reiterated yesterday its efforts to convince Russia to support its plans for building the Samsun-Ceyhan oil pipeline, a project hoped to alleviate the burden on the Turkish straits.

Russian Foreign Minister Sergey Lavrov was in Ankara yesterday for a series of meetings with Turkish officials, including his Turkish counterpart, Ali Babacan. (more…)