Turkey Suspends Trade Relations with Israel: Latest Updates and Impact on Economy

Turkey Suspends Trade Relations with Israel: Latest Updates and Impact on Economy

2024-05-03 14:16:00

Ankara: Turkey has severed all trade relations with Israel to protest ongoing attacks on Gaza. Turkey has imposed restrictions on exports to Israel since last month.

Following this, Turkey announced that it was completely ending its trade relations. The measure came into force in the country from Thursday. Government sources also said business relations would not continue until the ceasefire was imposed.

The government said in a statement that such a decision was taken due to Israel’s continued massacres and the Israeli government’s disregard for and obstruction of international ceasefire efforts. Turkey had previously restricted exports of 54 product groups to Israel.

The Israeli government continues its aggressive behavior and the humanitarian crisis in Palestine is worsening, the statement added. The government also said Turkey would maintain these measures until humanitarian aid to Gaza continues unhindered.

On the other hand, international media also reported that the Turkish Ministry of Commerce held negotiations with the Palestinian Authority to ensure that the Palestinian people would not be affected by these restrictions.

According to the Turkish Statistics Institute, trade between the two countries will reach $6.8 billion in 2023. Turkish exports represent 76 percent of the total.

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