Qatar-Turkey trade up by more than 30% since siege

Trade volume between Qatar and Turkey witnessed a more than 30% growth since the economic embargo imposed on Qatar in June 2017, Qatar’s economy minister has said.

Citing “strong ties” between Qatar and Turkey, HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani said cooperation between both countries “is witnessing a steady increase.”Speaking at the Qatar-Turkey Economic Forum held in Doha on Tuesday, Sheikh Ahmed said there are several ongoing negotiations to secure economic and trade agreements between the two countries, which aim to grant preferential treatment for Turkish goods and services in Qatar “and vice versa.”“The agreements will have a great impact on strengthening trade ties between both countries on the short and long terms, and will achieve prosperity and benefit for Qatar and Turkey,” the minister. Sheikh Ahmed said enhancing trade volume highlights the recent procedures and agreements that have been signed “and the deep impact they made on strengthening the economic relations between the two countries.” These include the memorandum of understanding between Qatar, Turkey, and Iran, for a land route that would facilitate international transport and trade exchange between the three countries, the minister noted.He said the cooperation also aims to create a strategic economic partnership that would open new markets and tap the purchasing power of more than 185mn people, which, he noted, could be developed to reach 400mn people in the future.He also praised the efforts of both private sectors to break the illegal siege imposed on Qatar by strengthening existing relations to provide “high-quality alternatives” for a number of consumer goods. Sheikh Ahmed added that both countries have “unique bilateral relations,” adding that Qatar-Turkey trade volume stood at nearly QR2bn in the first quarter of 2017.On the sidelines of the forum, Sheikh Ahmed met with Turkey's Minister of Customs and Trade Bulent Tufenkci, in the presence of Qatar Chamber chairman Sheikh Khalifa bin Jassim bin Mohamed al-Thani and Union of Chambers and Commodity Exchanges of Turkey president Rifat Hisarciklioglu.Speaking at the forum, Tufenkci said he is looking towards the signing of more agreements and collaboration “in more projects” to strengthen Qatar-Turkey economic and trade ties, “and its strength in the region.”He said: “We trust and attach importance to the private sector, so with the political climate that is emerging, the private sector will contribute and will help to increase the cooperation between the two countries, which have similar potential.”“Recent events that had unfolded in the region require closer cooperation between the two nations,” Tufenkci also said, even as he expressed Turkey’s support “for the security and stability of Qatar in the Gulf region.”Tufenkci noted that the economic forum and events like ‘Expo Turkey 2018’, which is also being held in Doha, “are indicative of the aspirations that we have to bring the collaboration level to a closer and higher level.”“Similar meetings and gatherings are important steps to increase relations and cooperation and render them to a corporate or institutional level. They could be precursors of a future development in both countries’ economic ties,” he said.