Trade Scenario Between Bangladesh and Turkey

Trade Scenario Between Bangladesh and Turkey

Trade Agreement between the Government of the People’s Republic of Bangladesh and the Government of the Republic of Turkey was signed on 27.07.1976. The Government of the People’s Republic of Bangladesh and the Government of the Republic of Turkey, being desirous of developing, expanding and strengthening the economic and trade relations between the two countries have agreed as follows:

The two Governments shall facilitate import and export to each other’s territories in accordance with their respective laws, rules and regulations. In accordance with the laws, rules and regulations of the respective countries, goods exported by one country to the other shall, when entering the country of the other, be accompanied by a certificate of origin issued by the competent authorities of the exporting country. 

Payments for goods and services exchanged between the two countries shall be made in convertible currencies accepted by the respective Central Bank and subject to foreign exchange laws, rules and regulations of the country concerned. The two Governments agreed to accord each other, subject to their respective laws, rules and regulations, facilities for participating in International Trade Fairs and exhibitions held in their territories and to encourage visits of businessmen and trade delegations to each other’s country. For the purpose of promoting the aims of this Agreement Joint Committee to be designated by the respective Government shall be established.

The Committee thus established shall meet upon the request of either party alternately in Bangladesh and Turkey at a mutually agreed date.

The Committee shall:

(a) review and keep under consideration the implementation of the provisions of this Agreement,

(b) examine measures for solving problems which may arise in the course of the implementation of this Agreement,

(c) examine measures for expansion and diversification of trade between the two countries and consider proposals made by either party for modifications of schedules “A” and “B”, annexed to this Agreement.

Main Economic Indicators (2018)

Source: World Bank, EIU, Worldfactbook

The most important export markets for Bangladesh: USA, Germany, United Kingdom, Netherlands and France.

Main Countries for Bangladeshi Imports: China, India, Singapore, Indonesia, Hong Kong.

Main Export Commodities: Ready-made garment, jute, jute fiber, frozen seafood, leather and tea.

Main Import Commodities: Petrol, petrol oils, cotton, textile machinery and their apparels, plastic products, agricultural products and iron-steel.

Bilateral Economic and Trade Relations between Bangladesh and Turkey is shown below:

Export and Import Statistics Between Bangladesh and Turkey ( Value in milliom US$)

Main commodities exported to Bangladesh : Iron and steel construction material, cotton, milk and milk products, machines and their components, textile machinery, spices, generators.

Main commodities imported from Bangladesh: Jute yarns & twine, Jute manufacturers knitwear, woven garments, leather, seramics.

Bilateral Cooperation Mechanisms:

- Joint Economic Commission Meeting (JEC): The last JEC meeting between the two countries (5th period) was held in Ankara on 19-20 November 2019.
- Business Council: The Council was established in 2011.
 

Top 20 Exported Item in Turkey for the year 2023-2024:

                                                                                                    Total Export Amount:  580,892,601 USD