ABC INVESTMENTS AGENCY
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About Turkey
Turkey is an important destination country for import and export goods from all over the world. The most important destinations for Turkish exports are: Europe, Asia and Africa where many products are shipped every year. The largest products exported by Turkey include: Textiles and clothing, foodstuffs, building materials, automotive industry, processed petroleum, and many more.
A growing economy in recent years
Turkey's economy has grown and diversified in recent years based on exports to European and Asian countries.
After the onset of the economic crisis, Turkey expanded its exports to countries in Africa and Asia, as well as to the countries of the Organization of Islamic States.
The country has a significant private sector, but the public sector is also strong in industry, transport and banking.
Import and export procedures in Turkey
Turkey is one of the largest trading economies in the world and companies here import and export a large quantity of products. This is why the country has a well-developed transportation network by land, water and air.
Most of the products exported by Turkish companies are directed towards Europe and Asia. Also, both imported and exported products must be declared with the Customs Authorities in Turkey and must be accompanied by declarations of the forwarder along with other documents, such as invoices, conformity certificates, or proof of payment of the import/export duties and other taxes. In case of imports or export of certain special products, additional documents will be required.
In order to ease import and export procedures, Turkey has adhered to several international agreements and is now part of the World Trade Organization, the Economic Cooperation Organization and the Black Sea Economic Cooperation. Companies here also use the Harmonized System in order to classify the goods imported or exported.
Custom Union for industrial goods
Since 1995, Turkey signed the Custom Union agreement with the EU countries and in the future, there is a chance to become a member of EU. In the recent years, the commercial relationships between EU and Turkey have become tighter since EU has been the most important Turkey’s partner for imports and exports. On the other hand, Turkey is the 7th in the top of EU imports.
The Customs Union is applicable for industrial goods and processed agricultural products. According to the Custom Union agreement, Turkey has to align to the acquis communautaire.
Turkey is also part of the Euro-Mediterranean partnership, called Euromed, whose goal is to promote economic integration in 16 countries from the Mediterranean region. The Turkish authorities have signed many double tax treaties in order for the foreign investors to avoid the double taxation.
