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Turkey, Singapore aim for $2 billion trade volume

Staff Writer |
Turkey and Singapore want to reach $2 billion in trade volume by the end of 2018, Turkish Economy Minister Nihat Zeybekci said.

A free-trade agreement between Turkey and Singapore will come into force by October 1, Zeybekci said in a speech to the Turkey-Singapore Business Forum.

"We started to talk on the broadest and most-comprehensive free-trade agreement in Turkey's history with Singapore, and finalized it in 2015.

"Singapore is the first country I came to as a minister and the Singapore-Turkey free-trade agreement became the first free-trade agreement which I started and finalized as a minister," he added.

Zeybekci said the deal would be significant for free production, sales, service investments, public procurement and in other industrial fields.

Turkey's export value to Singapore last year totaled nearly $418 million while imports from the Asian country were worth $363 million in the same period, according to the Turkish Statistical Institute.

Turkey's exports to Singapore saw an upward trend in the first half of 2017, reaching $434 million while imports were worth $177.5 million in the first six months of this year.

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