1/21/2025–|Last updated: 1/21/202506:13 PM (Mecca time)
Türkiye may resume trade with Israel “when peace is permanent,” Nail Olbak, head of the Turkish Foreign Economic Relations Council, said on Tuesday.
This week, the implementation of the ceasefire agreement between Israel and the Islamic Resistance Movement (Hamas) began.
Türkiye cut trade relations with Israel last year due to its war on Gaza.
The Turkish President confirmed Recep Tayyip Erdogan At that time, his country cut off trade and relations with Israel, and that it stood with Palestine until the end. “Trade restrictions and embargoes on Israel constitute a form of struggle,” he said.
On May 2, 2024, the Turkish Ministry of Trade announced a complete cessation of commercial dealings with Israel until humanitarian aid is allowed to enter the Gaza Strip without restrictions.
Last November, Turkish Trade Minister Omer Polat confirmed that the customs system is completely closed to trade with Israel, and that Ankara will continue to meet the needs of the Palestinian people and support their just cause on the economic level.
Payment problems
In another context, Olpak said that the Turkish Foreign Economic Relations Council had received reports of payment problems related to goods exported to Russia via Kazakhstan and Kyrgyzstan, without going into details.
Western countries imposed unprecedented sanctions on Russia following the outbreak of war with Ukraine in 2022.
Since then Turkish exporters to Russia have been facing some problems in receiving payments.
Olbak said in response to questions from journalists in Istanbul that the council conveyed a request to Finance Minister Mehmet Simsek to reduce or cancel exporters’ obligation to sell 30% of foreign currency revenues to the central bank.
In June of last year, the Central Bank reduced the percentage of foreign exchange revenues that exporters must sell to it to 30% from 40%, while its reserves continued to rise.
