Union of Chambers and Commodity Exchanges of Turkey

Speaking at the opening of the meeting, TOBB Board Member Ömer Zeydan, stated that the Turkish private sector puts great importance on developing relations with Latin America; that Latin America with its market wealth and money diversity is one of the priority areas which Turkey wants to develop economic relations further.

Zeydan emphasized that the Pacific Alliance, which facilitates trade liberalization between Colombia, Mexico, Peru and Chile, created a significant integration area in Latin America. “Itis a strategic, dynamic and inclusive enterprise in Latin America with a population of 225 million and an average of 17,266 US Dollars per capita. Half of the trade in Latin America is carried out by the countries of the Pacific Alliance. 45% of foreign direct investments to the region are made to the member countries of the Pacific Alliance. The Pacific Alliance, in which we are an observer, are important markets of Latin America and offer great opportunities. We are aware that we need to introduce these opportunities to the Turkish business world. Of course, geographic proximity in international trade is a great advantage. Countries often establish trade relations with countries in their respective geographies. However, the development of technology, increased logistics capabilities and competitive conditions in the markets enable companies to deal with markets in distant geographies.

Ömer Zeydan stated that they attach great importance to developing bilateral economic and commercial relations with the Latin America region as TOBB, which is not yet fully explored by Turkish companies. He stated that is the reason TOBB has partnered with and are the only official representative and strategic partner of Ibero-American Association of Chambers of Commerce (AICO) in Turkey.

Zeydan, stated that Turkey is a gateway to its region for Latin American countries, “These countries can Middle East, North Africa, and Central Asian markets by adopting Turkey as a base. However, trade figures between our countries are below what is necessary. As of 2017, our foreign trade volume was 1.8 billion USD with Colombia, 1.3 billion USD with Mexico, 520 million USD with Chile and 184 million USD with Peru. Between us we only have a Free Trade Agreement with Chile. Only Colombia and Mexico have an Agreement on Mutual Promotion and Protection of Investment. The signing of these agreements as soon as possible will benefit the development of trade between our countries.”