Minister Bolat highlights Turkiye's economic growth and trade achievements

Trade Minister Ömer Bolat addressed the Turkish Grand National Assembly (TBMM) General Assembly, evaluating the latest economic data and providing updates on trade with the European Union.

Minister Bolat stated that the Turkiye-European Union trade volume increased by 4% in 2024 and reached $216 billion.

During his presentation on the 2025 budget of the Ministry of Trade, Minister Bolat highlighted the ministry's activities and goals. He noted that geopolitical tensions and rising protectionist trends in trade policies have created significant uncertainties globally. He reminded the assembly that the world economy grew by 3.3% last year, performing below the historical average.

Despite weak external demand and the devastating earthquake on February 6, the Turkish economy demonstrated strong performance, growing by 5.1% in 2023. Minister Bolat also projected that the current account deficit would be less than 1% of the gross domestic product (GDP) this year.

To boost exports, Minister Bolat mentioned that they supported exporting firms with 42 support programs, providing $15.3 billion in aid to 21,545 firms this year. He emphasized the ongoing efforts to ensure the sustainability of exports and increase market diversity. Through the Export Academy, they aim to raise the number of exporting firms from the current 140,000 to over 200,000 by 2030.

Minister Bolat also discussed their diplomatic efforts to increase the export of goods and services, stating.

"The Turkiye-European Union trade volume increased by 4% in 2024, reaching $216 billion. We have accelerated our efforts to update the Customs Union. We are negotiating our justified demands on issues such as visa barriers, transportation, truck transit documents, and free trade agreement discrepancies. We are working with our sectors on the EU's green and digital transformation processes," he concluded.