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Greece is currently Turkey’s one of the largest trading partner among the EU member states. Within the framework of the accession of the Greece 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.
In order to complete the legal framework of bilateral commercial and economic relations, Turkey and Greece have signed a number of agreements, including Agreement on Economic Cooperation (2000), Bilateral Investment Promotion and Protection Agreement (2000) and Double Taxation Prevention Treatment (2003).
Within the framework of Economic Cooperation Agreement, in order to evaluate and enhance bilateral economic and trade relations, Turkey-Greece Joint Economic Commission meetings are held with the participation of public institutions from both Turkey and Greece alternately in Ankara and Athens.
Greece was Turkey’s 23th largest goods export market in 2011.
Turkish goods exports to Greece in 2011 were 1.6 billion $, up 6.7% (1.5 billion $) from 2010, and up 236% from 2001.
The top export categories (2-digit SITC) for 2011 were: textile yarn, fabrics, made-up articles (170.9 million $); Petroleum, petroleum products and related materials (135.8 million $); gas, natural and manufactured (131 million $); articles of apparel and clothing accessories (100.2 million $) and iron and steel (95.5 million $).
Greece was Turkey’s 22th largest supplier of goods imports in 2011.
Turkish goods imports from Greece totaled 2.6 billion $ in 2011, up 66.6% (1.5 billion $) from 2010, and up 877% from 2001.
The top 5 imports categories (2-digit SITC) for 2011 were: petroleum, petroleum products and related materials (1.660 million $); plastics in primary forms (184 million $); textile fibers (108.7 million $); nonferrous metals (96 million $) and manufactures of metals (36.4 million $).
Turkey’s trade deficit of goods with Greece was 1 billion $ in 2011, a 10628% increase (86 million $) over 2010.
Contracting and Consultancy Services
Turkish firms in Greece are holding projects with a total value of 3.2 million dollars up until now.
Turkish foreign direct investment (FDI) stock in Greece was 47 million $ between 2002 and 2011.
FDI of Greece in Turkey (stock) this stock valued 6.6 billion between 2002 and 2011$.