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Argentina is one of the important trading partners of Turkey in Latin America. Moreover, despite the geographical locations of the two countries, there is a growing interest to further the bilateral economic and commercial relations. The negotiations to conclude a Free Trade Agreement between Turkey and MERCOSUR of which Argentina is a member, are continuing.
In order to complete the legal framework of bilateral commercial and economic relations, Turkey and Argentina have signed a number of agreements, including Agreement on Economic and Trade Cooperation (1992) and Bilateral Investment Promotion and Protection Agreement (1992). With the Agreement on Economic and Trade Cooperation, Turkey and Argentina have agreed to form a “Joint Economic Commission” in order to enhance bilateral economic and commercial relations. The third meeting of the Joint Economic Commission was held in Buenos Aires in 2009.
Argentina was Turkey’s 80th largest goods export market in 2011.
Turkish goods exports to Argentina in 2011 were 214.1 million $, up 19% (179.2 million $) from 2010, and up 839% from 2001.
The top export categories (2-digit SITC) for 2010 were: road vehicles (99 million $); electrical machinery, apparatus and appliances (15 million $); Rubber manufactures (11 million $); machinery specialized for particular industries (11 million $) and power-generating machinery and equipment (10 million $).
Argentina was Turkey’s 55th largest supplier of goods imports in 2011.
Turkish goods imports from Argentine totaled 490.6 million $ in 2011, up 74% (281.1 million $) from 2010, and up 601% from 2001.
The top 5 imports categories (2-digit SITC) for 2010 were: feeding stuff for animals (83 million $); oil-seeds and oleaginous fruits (73 million $); cereals and cereal preparations (68 million $); vegetable fats (67 million $) and road vehicles (57 million $).
The trade deficit of goods with Turkey was 276 million $ in 2011, a 170% increase (102 million $) over 2010.
Contracting and Consultancy Services
Argentina is not a significant market for Turkish contractors. Only one Turkish firm held 2 projects in Argentina with a total value of 1.6 million dollars up until now.
Turkish foreign direct investment (FDI) stock in Argentina was 34 million $ in 2010.
FDI of Argentina in Turkey (stock) was 100 thousand $ in 2010.