Maritime deal raised Turkey-Libya bilateral trade by 43%

ISTANBUL

Bilateral trade between Turkey and Libya soared by 43% to $2.3 billion in the last two years despite the pandemic thanks to the maritime boundaries agreement signed by the sides.

Murtaza Karanfil, the head of Turkey-Libya Business Council at Turkey's Foreign Economic Relations Board, said in a statement on Friday that the bilateral trade volume is expected to reach $3 billion for the first time as of the end of this year.

The agreement registered by the UN aims to protect the rights and interests of not only Turkey but also Libya, he said.

"Turkey's support ensures Libya's independence and internal peace. Turkey should attach importance to relations with Libya in order to protect the law in the Mediterranean, Aegean and Cyprus," he added.

Libya has strategic importance as it is located at a 3-day sea distance from Turkey and has a road connection to 56 African countries, he underlined.

He added: "A short sea distance to Europe and low fuel, real estate, transportation and rental costs make Libya very important to us."

* Writing by Gokhan Ergocun