Free Trade Agreement between Canada and Turkey: What it Means for Trade Relations

Canada and Turkey have recently signed a free trade agreement (FTA) that aims to boost economic ties between the two nations. The agreement, which was several years in the making, will allow for the elimination of tariffs and non-tariff barriers, opening up new opportunities for businesses to expand trade.

The FTA will benefit both countries in various ways. On one hand, Turkey will gain access to the Canadian market, which will lead to increased exports of goods and services to Canada. Canadian businesses, on the other hand, will have the opportunity to export to Turkey without having to face high tariffs and non-tariff barriers.

One of the significant gains from the deal is the elimination of tariffs on 98% of Canadian goods exported to Turkey and 96% of Turkish goods exported to Canada. This means that Canadian businesses will no longer have to pay high tariffs on products such as machinery, vehicles, and equipment exported to Turkey. The elimination of tariffs will also make Canadian products more affordable and competitive in the Turkish market.

The FTA also includes provisions on labor mobility, which will enable businesses to access skilled labor from both countries. This is a significant benefit for businesses that require specialized skills not readily available in their respective countries. The agreement will also promote bilateral cooperation in areas such as science and technology, innovation, and research and development.

The FTA will also provide a more stable and predictable environment for businesses that operate in both countries. It will eliminate trade barriers and create a level playing field for Canadian and Turkish businesses competing in each other`s markets. This will provide businesses with greater certainty and stability when making long-term investment decisions.

In conclusion, the Canada-Turkey FTA represents a significant milestone in the economic relationship between the two countries. It will create new opportunities for Canadian and Turkish businesses to expand their trade relations and grow their economies. Although there are still areas that need to be worked on, the FTA is a positive step in the right direction. The agreement will provide businesses with the stability, predictability, and access to new markets required for long-term growth and prosperity.