$10 billion trade goal with Canada within reach: DEİK’s Yılmaz

ISTANBUL

Türkiye and Canada have set a long-term goal of increasing bilateral trade to $10 billion, following the launch of a strategic partnership and efforts to deepen cooperation in trade, investment, energy, defence and technology, says Mehmet Yılmaz, chairman of the Foreign Economic Relations Board’s (DEİK) Türkiye-Canada Business Council.

The current trade volume of around $3 billion remains well below the potential of the two economies, Yılmaz said, adding that leaders of both countries have identified a medium-term target of $5 billion before progressing toward the $10 billion mark. He said reaching those levels was “not a dream.”

The comments came after Canadian Prime Minister Mark Carney’s visit to Türkiye and talks with President Recep Tayyip Erdoğan, which resulted in the establishment of a strategic partnership between the two countries. A three-year action plan was also agreed to deepen cooperation in trade and investment, defence, security and energy.

The first round of negotiations for a comprehensive free trade agreement is scheduled to take place in Ankara between Nov. 30 and Dec. 4. Bilateral trade has increased by nearly 50 percent since 2020.

“Canada definitely wants Türkiye among the trade partners it seeks to diversify toward,” Yılmaz said.

Considering sectors such as energy, oil, natural gas, mining, nuclear energy, the defence industry and artificial intelligence technologies, Türkiye should be one of three or four potential partners,” he added.