Important Step Forward for Trade Relationship with Turkey

Trade ties with Turkey have moved one step closer following the signing of an Investment Promotion and Protection Agreement (IPPA), Trade Minister Mark Vaile announced today.

Mr Vaile signed the agreement with Turkey’s Minister of State in Charge of Foreign Trade, Kursad Tuzmen who is currently visiting Australia.

"The Agreement will provide protection and fair and equitable treatment for bilateral investments in each country and is yet another important step forward in expanding commercial ties between Australia and Turkey," Mr Vaile said.

"I was pleased to sign the agreement with Minister Tuzmen who is keenly focused on trade opportunities between our two countries.

"Australia and Turkey hope to finalise a Double Taxation Agreement in the next couple of months which will also bring significant benefits for investors and traders.

"We will look to further enhance the bilateral relationship at a meeting of the Australia-Turkey Joint Economic Commission to be held in Istanbul later this year."

Two way trade between Australia and Turkey is worth $624 million. Australia exports $299 million worth of goods to Turkey each year. Exports have been largely commodity based, with a focus on coal, iron ore and non-monetary gold. However, the relationship is likely to diversify with the Turkish economy showing strong growth, and with Turkey scheduled to begin European Union negotiations in October.

Mr Tuzmen is visiting Australia with a delegation of Turkish business representatives who are interested in exploring opportunities in the Australian market.

Contact: Mr Vaile's office 02 6277 7420 - DFAT Media Liaison 02 6261 1555