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Bulgaria is currently Turkey’s one of the largest trading partner among the EU member states. Within the framework of the accession of the Bulgaria to the EU, the Free Trade Agreement between the two countries was terminated and the Customs Union between Turkey and the EU has become the fundamental basis for our bilateral trade relations since 2007.
In order to complete the legal framework of bilateral commercial and economic relations, Turkey and Bulgaria have signed a number of agreements, including Bilateral Investment Promotion and Protection Agreement (1994) and Double Taxation Prevention Treatment (1994).
Agreement on Trade and Economic, Industrial and Technical Cooperation between Turkey and Bulgaria, which was signed in 1994, was abolished in 2007 due to the accession of Bulgaria to the European Union. The revised version of mentioned Agreement is planned to be signed during the High Level Cooperation Meeting between two countries, which will be held in 2012.
The Turkish Trade Center was founded in Sofia in 2009, in order to ease the activities of Turkish businessmen and investors in Bulgaria and to resolve the problems which they are faced. The Center is also responsible for supporting trade and investments activities between two countries and developing bilateral economic cooperation between both countries’ business circles.
Bulgaria was Turkey’s 21st largest goods export market in 2011.
Turkish goods exports to Bulgaria in 2011 were 1.6 billion $, up 8.4% (1.5 billion $) from 2010, and up 442% (299 million $) from 2001.
The top export categories (2-digit SITC) for 2011 were: textile yarn, fabrics, made-up articles (234 million $); vegetables and fruit (136 million $); electrical machinery and apparatus (120 million $); non-ferrous metals (110 million $) and iron and steel (95 million $).
Bulgaria was Turkey’s 24th largest supplier of goods imports in 2011.
Turkish goods imports from Bulgaria totaled 2.5 billion $ in 2011, up 45% (1.7 billion $) from 2010, and up 529% (394 million $) from 2001.
The top 5 imports categories (2-digit SITC) for 2011 were: nonferrous metals (643 million $); petroleum, petroleum products and related materials (460 million $); metalliferous ores and scrap (248 million $); oil seeds and oleaginous fruits (186 million $) and inorganic chemicals furniture (61 million $).
Turkey has a trade deficit with Bulgaria. The deficit was 851 million $ in 2011, a 314% increase (205 million $) over 2010, while there was 272 million $ surplus in 2009.
Contracting and Consultancy Services
Bulgaria is a significant market for Turkish contractors. Turkish firms held and are holding 29 projects in Bulgaria with a total value of 1.7 billion dollars up until now.
Turkish foreign direct investment (FDI) stock in Bulgaria was 67 million $ between 2002 and 2011.
Reported Turkish direct investment in Bulgaria is led by the tourism, banking, ready-to-wear and textiles sectors.
On the other hand, FDI of Bulgaria in Turkey (stock) was 28 million $ between 2002 and 2011.