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NORTH AMERICA AND GLOBAL ECONOMY TRADE REPORT ON TURKEY

NORTH AMERICA AND GLOBAL ECONOMY TRADE REPORT ON TURKEY. Funda Celikaksoy Said Diarra. COUNTRY PROFILE. The population is approximately 70 million in 2003 The population growth rate is 1.53% The life expectancy is 68.7 years The age distribution is: 0-14 : 26.6% 15-64: 66.8%

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NORTH AMERICA AND GLOBAL ECONOMY TRADE REPORT ON TURKEY

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  1. NORTH AMERICA AND GLOBAL ECONOMYTRADE REPORT ON TURKEY Funda Celikaksoy Said Diarra

  2. COUNTRY PROFILE • The population is approximately 70 million in 2003 • The population growth rate is 1.53% • The life expectancy is 68.7 years • The age distribution is: • 0-14 : 26.6% • 15-64: 66.8% • 65 +: 6.6%

  3. COUNTRY PROFILE • Politics: • Turkey is a parliamentary democracy • The President is Ahmet Necdet Sezer and the Prime Minister is Recep Tayyip Erdogan • The President is elected by National Assembly for a seven year term • The Minister of Economy is Ali Babacan and the Minister of Industry and Trade is Ali Coskun

  4. COUNTRY PROFILE • Ethnic composition: • Turks: 80% • Kurds: 20% • Religion: • Muslim : 99% • Christian and Jews : 1%

  5. COUNTRY PROFILE • GDP IN $US:

  6. COUNTRY PROFILE • Structure of the economy: GDP composition by sector (%)

  7. COUNTRY PROFILE • Government finances: • The budget is constantly in deficit • The public debt ratio to GDP is 54.4% • The government expenditure is 39% of the GDP • The government revenue is 28% of the GDP • The public debt is 194,386,700 billion (TL) (194 billion $CAN)

  8. COUNTRY PROFILE • Balance of Payment:

  9. Country Profile • Exchange rates : on March 4 2005; YTL/USD 1.2620, YTL/EURO1.6690, YTL/CAD 1.020 • Foreign Exchange Reserves: On Feb 18 2005 total reserves is US$ 38,433.4 million, foreign currency reserves are held mainly in US dollars • Net international investment position by latest data in 2003 is US$ –111,225 million • Gross External Debt: US$ 153,160 million • Foreign Debt to GDP ratio: 64%

  10. COUNTRY PROFILE • Global Ranking: • Growth Competitiveness: 66th out of 80 • Business Competitiveness : 52nd out of 80 • Public Institutions: 63rd • Corruption sub index: 75th • Microeconomic Competitiveness: 54th out of 80 • Human development index: 88th

  11. COUNTRY PROFILE • International organizations: NATO, Council of Europe, UN, OECD, UNESCO, WHO, WTO, IMF, World Bank • Trade Agreements: • Customs Union with EU • EFTA • Euro-Mediterranean Partnership • Economic Cooperation Organization • Black Sea Economic Cooperation

  12. COUNTRY PROFILE • Bilateral relations with Canada: • Turkey is a valued commercial and strategic partner for Canada • They both share common membership in numerous international organizations (UN, G20, OECD) • Turkey is Canada’s second largest trading partner in Central and Eastern Europe • It provides good opportunity to sell Canadian products/services • The total bilateral trade is positive and is expected to steadily increase

  13. COUNTRY PROFILE • Bilateral relations with Canada: • Canada’s primarily exports commodities (coal, wheat, wood pulp) • Double taxation agreement was reached between the two countries • Canada-Turkey framework agreement (to ensure closer bilateral relationship)

  14. Country Profile Bilateral relations with the US • US is one of the major trade partners of Turkey • Export items to the US: iron&steel, pearls and precious stones, machinery and mechanic parts, tobacco and cement • Import items from the US: machinery, electrical equipments, pharmaceuticals, organic chemicals, aircraft and parts, optical and photographic instruments • Exports and imports share 8 and 5% respectively • Turkey constitutes 0.2% of imports and 0.4 of exports of the US

  15. COUNTRY PROFILE • Bilateral relation with NAFTA: • Turkey mostly deal with Canada and the US but doesn’t have a significant relationship with Mexico • Turkey’s exports to NAFTA totaled more than $3.6 billion in 2004 (8.6% of total exports) • Turkey’s imports from NAFTA equaled more than $4.6 billion (5.4% of total imports)

  16. INTERNATIONAL TRADE • Turkey’s exports: Total exports are US$ 56 billion in 2004 • Main exporting partners are Germany, the US, the UK, Italy, France, Spain, Holland, Russian Federation ( 80% of exports are directed to EU countries) • Main export products: • Textile and clothing: $6.6 billion 23% of total exports • Iron and Steel: $2.2 billion, 6.9 million tons • Agriculture: Olive, cotton, tobacco, hazelnut • Chemicals: $436 million, plastic raw materials $ 289.6 million, soaps, detergent, cleaning products • Glass and Ceramics: 5th in tiles production (world) 4th in Europe • Gold jewellery • Mining

  17. INTERNATIONAL TRADE • Turkey’s imports: Total imports are US$ 87 billion in 2004 • Main importing partners are Germany, The US, the UK, France, Russian Federation (88% of imports are from EU) • Main import products are: • Machinery and equipment • Chemicals • Petroleum • Pharmaceutical products

  18. INTERNATIONAL TRADE • Capital Flows: • Total FDI in Turkey amounted to US$ 32 billion by 2003, there are 6584 foreign companies operating in Turkey, 108 out of top 500 companies list of Fortune magazine • The leading investors: France, Netherlands, Germany, UK, the US • EU accounts for 68% of foreign investment stock • OECD accounts for 88%, 2% for Islamic countries, 1% East European countries, 9% other countries • Services represent 50-55% of the total stock of FDI • Manufacturing sectors investments, 35-40% • Agriculture and mining investments: 5%

  19. INTERNATIONAL TRADE • International disputes: • Turkey has been involved in 12 cases • 7 concerned Turkey’s trade measures • 3 involved quantitative restrictions on imports of textile and clothing products • Turkey has been the complainant in 2 cases against Egypt and South Africa

  20. INTERNATIONAL TRADE • International disputes with the US: • Generalized System of Preferences (GSP) • Intellectual Property Rights • Anti-Dumping & countervailing duties • Textiles trade • FDA regulations

  21. TRADE POLICY • Influenced by WTO and trade relations with the EU • An export-oriented high value-added services and manufactured products • It also includes an emphasis on technology-intensive • Focuses on supporting export activities particularly of SME’s • Government's goal is to contribute to efficiency of free zones by dealing more with Middle East, Caucasian region and Central Asia

  22. TRADE POLICY • Long term strategy contains 8 five year development plans for 2001-2005 • Reduce state intervention by privatization of public enterprises • Promoting FDI • Continue industrialization policy • Finance exports through the Turk Eximbank • Improve infrastructure for better international trade relationships

  23. TRADE POLICY • Recent modifications on domestic legislation on: • Intellectual property rights • Telecommunication • Customs • Anti-dumping • Banking • Energy • Government procurement

  24. TRADE POLICY • It is not a signatory of the Plurilateral Agreements from the Uruguay Round • Interest in Doha Development Agenda: • Future multilateral tariff reduction • Simplification of tariff structure • Elimination of non-tariff barrier • Equitable agricultural trading environment

  25. CONCLUSION Many future opportunities with the future and official entry in the EU Acquiring more knowledge with the machine they’re importing • Multiple agreement in the region give them an increase level of trade because they deal with different type of market influence in “relationship know-how” • Stable political regime so less risk for making business • Average ranking that gives it time to grow

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