Canada Turkey Trade Agreement


An agreement on the promotion and protection of foreign investment (FIPA) is an agreement to encourage foreign investment. Relations between Canada and Turkey have generally been good since the two countries began diplomatic relations in the 1940s. But there are stumbling blocks, including the Canadian government`s recognition of the Armenian genocide in 2004. As the Turkish Ministry of Foreign Affairs` website on Turkey-Canada relations currently states, “the position of the Canadian government and the resolutions adopted by both houses of the Canadian Parliament on the events of 1915 do not correspond to historical facts and create difficulties in relations between Turkey and Canada.” Yet since 2004, many other governments have adopted resolutions recognizing the Armenian genocide, somewhat watering down Ankara`s sharp frustration with Ottawa. Admittedly, the volume of bilateral trade between the two countries has increased from just under $1 billion in 2004 to $3.6 billion in 2019. In June 2019, Canada and Turkey also signed an agreement with the Joint Economic and Trade Committee to further develop trade and investment. In June 2019, Canada and Turkey signed a Memorandum of Understanding to establish a joint economic and trade committee to hold annual meetings between Canadian and Turkish officials and businesses to expand bilateral trade and investment opportunities. A free trade agreement between Turkey and Canada should begin as soon as possible, Turkish Deputy Trade Minister Gonca Yilmaz Batur said Thursday. Turkey has a strong economic base, a young entrepreneurial spirit and a dynamic market.

Its economy is supported by a strong and well-rounded financial system, with rich agricultural and mineral resources, a robust manufacturing industry and a strong services sector. While its lack of oil carries economic risks, Turkey`s geographical location has created a historic bridge between continents for transport and trade. Given these three points of friction, what about the future of Canada-Turkey relations? On the surface, both countries are members of the G20 and NATO, and in 2018, 109,189 Canadians visited Turkey. Bilateral trade has continued to grow, strengthened by organizations such as the Turkish-Canadian Business Council, established in 2001, and its Turkish counterpart. High-level political visits by both countries also continued, including a visit by the President of the Canadian Senate to Turkey in May 2019.

Posted Thursday, April 8th, 2021 at 1:40 pm
Filed Under Category: Uncategorized
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