Israel terminates free trade agreement with Türkiye

Turkey has stated that foreign trade activities with Israel have completely stopped, while Israel will retaliate to the decision by terminating the free trade agreement with Turkey and imposing a 100 percent customs duty on imported products from Turkey. Israel, which Turkey has halted all trade with until a ceasefire is reached in Gaza and humanitarian aid is allowed to flow, is preparing to retaliate. According to a report by Reuters, Israel will terminate the free trade agreement with Turkey and will also impose a 100 percent tariff on imports of other products not included in the agreement. Israeli Finance Minister Bezalel Smotrich stated on Thursday that the decisions were made in response to Turkey’s move to halt trade and that Turkey’s decision was a “serious violation of international trade agreements.” The plan will be submitted to the Israeli cabinet for approval. According to Turkish Statistical Institute data, trade between the two countries was $6.8 billion in 2023. 76 percent of this amount was made by Turkey’s exports to Israel.