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Turkey is a natural bridge between the East-West and North-South axes hence establishing an efficient and cost effective passage way to major markets. Through developing itself as a bridge between markets, there is a reach of multiple markets worth US$22 trillion of GDP.
Trade was not significant for the Turkish economy prior to 1980. Nevertheless that aspect change and the economy grew rapidly following the establishment of reforms which supported foreign trade. Thus price controls were removed, subsidies decreased and tariffs were reduced. As a result the importance of agricultural products began to decline due to greater emphasis given upon industrial products.
The European Union has developed a deep trade relationship with Turkey whereby the EU ranks by far as number one in both Turkey’s imports and exports. On the other hand, Turkey has been ranked 7th in the EU’s import and 5th in export markets according to the European Commission.
