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The Free Trade Agreement (1999) that signed between Turkey and the Macedonia 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 Macedonia have also signed a number of agreements, including Bilateral Investment Promotion and Protection Agreement (1997) and Double Taxation Prevention Treatment (1996).
Economic, Trade, Cooperation Agreement between Turkey and Macedonia was signed on 17 March 1994. Within the framework of this Agreement, in order to evaluate and enhance bilateral economic and trade relations, Turkey-Macedonia Economic, Commercial, Industrial and Technical Cooperation Joint Commission are held with the participation of public institutions from both Turkey and Macedonia alternately in Ankara and Skopje.
The Turkish-Macedonian Chamber of Commerce was founded in 2008 in order to develop and enhance bilateral economic cooperation between both countries’ business circles.
Macedonia was Turkey’s 61st largest goods export market in 2011.
Turkish goods exports to Macedonia in 2011 were 299 million $, up 13.6% (263 million $) from 2010, and up 232% (90 million $) from 2001.
The top export categories (2-digit SITC) for 2010 were: textile yarn, fabrics, made-up articles (39 million $); electrical machinery and apparatus (21.7 million $); manufactures of metals (20.8 million $); nonferrous metals (20.5 million $) and road vehicles (15 million $).
Macedonia was Turkey’s 94th largest supplier of goods imports in 2011.
Turkish goods imports from Macedonia totaled 92 million $ in 2011, up 77% (52 million $) from 2010, and up 922% (9 million $) from 2001.
The top 5 imports categories (2-digit SITC) for 2011 were: iron and steel (48.5 million $); textile yarn, fabrics, made-up articles (15 million $); nonmetallic mineral manufactures (5.5 million $); hides, skins and furskins, raw (5.4 million $) and transport equipment (3.9 million $).
Turkey’s trade surplus of goods with Macedonia was 207 million $ in 2011, a 2% decrease (211 million $) over 2010. In January 2012, the surplus was realized as 11 million $.
Contracting and Consultancy Services
Macedonia is a promising market for Turkish contractors. Turkish firms held and are holding 21 projects in Macedonia with a total value of 832 million dollars up until now.
Turkish foreign direct investment (FDI) stock in Macedonia was 69 million $ in 2011. Between 2002 and 2011, Turkish FDI stock in Macedonia was 91 million $.
Reported Turkish direct investment in Macedonia is led by the constructing and the operating the airports, banking sectors.
FDI of Macedonia in Turkey (stock) was 3 million $ between 2002 and 2011.