Booming Qatar-Turkey trade to hit $2 billion

- Reuters, DOHA

Jan 18, 2019-

Trade between Qatar and Turkey is expected to have hit $2 billion in 2018, a Turkish official said, up 54 percent from the previous year and underscoring Ankara’s solidified role as a top ally to Qatar amid a political rift in the Gulf region.

Ankara has emerged as one of Qatar’s top partners since a Saudi Arabia-led bloc launched a trade and diplomatic boycott of the tiny Gulf state in 2017, sending additional troops and food to shore up Qatar’s needs just after it began. Saudi Arabia, United Arab Emirates, Bahrain, and Egypt accuse Qatar of supporting terrorism. Doha denies the charge and says the boycott aims to infringe on its sovereignty.

Speaking at a Turkish trade expo that kicked off in Doha on Wednesday, Turkish Deputy Finance Minister Osman Dinçba said that Qatar was one of the fastest growing areas of trade for Turkey in 2018, and the $2 billion figure is expected to grow.

Qatar last year pledged a $15 billion package of economic projects, investments and deposits for Turkey that included an up to $3 billion currency swap to firm up the country’s battered lira. Dinçba said “a portion of the $15 billion” had so far arrived but declined to specify how much or in what form.

Qatar-Turkey trade volume for the first 10 months of 2018, the latest data available, indicates $1.7 billion of total trade, higher than the $1.3 billion in all of 2017, a Turkish trade official said.

Published: 18-01-2019 09:39

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