Ömer Bolat

Turkish exporters with firm orders are looking at ways to send their goods to Israel via third countries after Turkey halted bilateral trade, four export company owners told Reuters, saying the decision had caught them by surprise.

Türkiye aims to increase its services export revenues to at least $110 billion this year, Trade Minister Ömer Bolat has said.

Last year, Türkiye's share in global services exports climbed to an all-time high of 1.3 percent. The global services exports increased by 9 percent in 2023 to $7.8 trillion, while Türkiye's services export revenues amounted to $100.8 billion.

Finance Minister Mehmet Şimşek will meet with U.S. fund managers and executives of the credit rating agencies in New York on April 22 as part of the Türkiye Investment Conference, says Murat Özyeğin, the head of the Türkiye-U.S. Business Council (TAİK).

This will be the 14th edition of the event organized in collaboration with Citi, Özyeğin told journalists.

Harsher fines are being considered for stockpiling and exorbitant prices, Trade Minister Ömer Bolat has unveiled, noting that respective legislation will be submitted to parliament.

"We have completed our work as part of the efforts to fight excessive price increases. Soon we will forward it to parliament," Bolat said in an interview with private broadcaster CNN Türk.

Türkiye's main exporters' association has voiced support for the government's decision to impose trade restrictions on Israel over the war in Gaza.

"We stand by our state in any sanction when the national interests of our country require it and to end humanitarian tragedies," the Türkiye Exporters' Assembly (TİM) said in a statement on social media platform X.

The bilateral trade volume between Türkiye and Israel has declined by 33 percent between Oct. 7 and March 20, Trade Minister Ömer Bolat has said. 

"Public institutions and state-owned companies never do business with Israel," Bolat said in an interview with private broadcaster 24 TV.

Türkiye's 12-month cumulative current account deficit probably shrank further in February, according to Trade Minister Ömer Bolat.

"When the data for February is released, we will see the annualized current account deficit decline to around $32 billion," Bolat said.

Türkiye and the Gulf Cooperation Council (GCC) have inked what Trade Minister Ömer Bolat hails as a "historic agreement" to launch negotiations on a free trade agreement.

Türkiye and the U.K. have launched talks to update the free trade agreement, the Turkish Trade Ministry has said.

Trade Minister Ömer Bolat met with his U.K. counterpart, Kemi Badenoch, in London on March 14 to discuss bilateral issues, and they decided to begin new trade talks, the ministry said in a statement on social media platform X.

Türkiye's Trade Minister Ömer Bolat has paid a visit to Saudi Arabia to hold high-level talks focusing on enhancing economic ties between Ankara and Riyadh.