Turkey’s remarkable economic accomplishments in the last decade alongside the enormous potential the country holds for Canadian businesses due to its demographic and geostrategic advantages were the subject of a recent report prepared by the Standing Senate Committee on Foreign Affairs and International Trade under the Senate of Canada.
The report entitled ‘Building Bridges: Canada-Turkey Relations and Beyond’, thoroughly examines Turkey’s increasing regional and global influence, trade policies the country pursues, and business opportunities for Canadian companies, both in Turkey and in other countries in collaboration with Turkish companies. Naming the country as a ‘strategic commercial priority’, the report calls for both countries to build deeper commercial partnerships and urges the Canadian government to accelerate negotiations for a free trade agreement with Turkey.
Basing its findings on Turkey’s strong economic fundamentals; the 17th largest economy in the world, an average of 5.1 percent GDP increase, and USD 123 billion of inbound FDI over the last 10 years, the report also highlights Turkey’s goal of becoming one of the top 10 economies in the world by 2023.
The report, prepared with data and input from various public institutions, including the Investment Support and Promotion Agency of Turkey (ISPAT), business associations, and private companies from Canada and Turkey, recommended that the Canadian government hastens efforts for deeper political and commercial ties with Turkey, stating that intergovernmental accords between Canada and Turkey in the fields of science, technology, mining, and energy, in addition to an FTA, would be the key to forging a lasting partnership.
Turkey-Canada trade volume reached USD 2.5 billion in 2012, up 48 percent from 2010’s USD 1.6 billion.