Israel to End Turkiye Free Trade Deal, Impose ‘100 Percent Tariff’ on Imports

Ankara recently imposed an embargo on Israeli trade to protest the genocide in Gaza

The Israeli finance ministry announced on 16 May the country would abolish its free trade agreement with Turkiye and levy a 100 percent tariff on all imports in response to a trade embargo imposed by Ankara earlier this month.

“[Turkish President Recep Tayyip Erdogan's] announcement of the stoppage of imports to Israel constitutes a declaration of an economic boycott and a serious violation of international trade agreements to which Turkiye has committed,” Finance Minister Bezalel Smotrich said in a statement.

He added that the Israeli decision would last as long as Erdogan remained in power.
“If at the end of Erdogan's term the citizens of Turkiye elect a leader who is sane and not a hater of Israel, it would be possible to return the trade route with Turkiye,” the ultranationalist official stressed.

The statement also said that the Israeli Finance, Economy, and Foreign Ministries would take steps to strengthen the country's manufacturing sector while diversifying sources of import to reduce their dependency on their long-time ally.

Earlier this month, Ankara announced an official halt to all trade with Israel in protest to the genocide unfolding in Gaza, building upon the decision in April to restrict some exports.

Nevertheless, days later, the Turkish government issued temporary approval for the renewed supply of construction materials to Tel Aviv.

Turkiye and Israel signed a free trade agreement in 1996 that mutually exempted both countries from customs duties on industrial product imports.

According to data from the Turkish Exporters Assembly (TIM), Turkish exports to Israel expanded five-fold from $1.4 billion in the early 2000s to $5.1 billion in 2023. Moreover, Turkiye is among the top four states for Israeli imports.

Data from the TUIK shows that Turkiye exported $105,000 worth of weapon parts to Israel last October and that in 2023, arms exports amounted to $823,112. This included firearms and accessories, as well as firearm components.

🔗SOURCE ➡️ The Cradle

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