Turkey and Singapore sign free trade declaration

ISTANBUL

Turkey and Singapore signed a joint declaration Tuesday that will see a Free Trade Agreement (FTA) activated between the two countries on the sidelines of the G20 Summit in November.

Speaking at the signing ceremony in Istanbul, Turkey's Economy Minister Nihat Zeybekci said the countries had "come a long way in just 1-1/2 years".

"Singapore is an extremely important port for Turkish companies," he underlined.

"Once Turkish companies and exporters settle there, they will benefit from the advantages of Singapore, a country in the center of an area with a population of 600 million."

The minister said the deal will go through in November, when Turkey is to host the G20 Summit in Antalya.

"By the first half of 2016, we will bring the two countries' business sectors together and explain the advantages of this agreement to them."

Singapore Economy Minister Lim Hng Kiang told reporters that the agreement would help the two countries "deepen" economic relations.

"Singapore will be a gateway for Turkish companies to widen their market in Southeast Asia," he said.

"And vice versa, Turkey will be a gateway for Singapore to widen its market in Europe, Central Asia, North Africa and the Middle East."