Turkish Economy Minister Ça?layan left yesterday for a landmark visit to Japan, where he will sign a memorandum of understanding on economic cooperation, a first step to a free trade agreement with the Asian trade powerhouse.

The move comes as Turkey is set to finalize a free trade deal with South Korea next month, and is in a push to decrease its large trade deficit with East Asian countries, including China.

The memorandum will pave the way to the establishment of a ministerial-level platform, which will discuss economic and commercial issues between the two countries. The two countries will set up a “joint working group” to evaluate the consequences of a free trade agreement between Turkey and Japan.

“We will meet with [representatives of] various firms from various sectors. We see Japanese firms increasingly taking an interest in Turkey,” Ça?layan said, speaking at a press meeting regarding an investment in Turkey.

The Turkish trade deficit with Japan is significant, Ça?layan said. “In fact [Turkey records a large] trade deficit with [a number of] East Asian and Asia-Pacific countries, particularly China, Japan and South Korea. Turkey’s exports to Japan are about one eleventh or one twelfth of their imports from this country,” he said.

Ça?layan will meet with Japanese Foreign Minister Koichiro Gemba and Economy, Trade and Industry Minister Yukio Edano, as well as the chief executives of prominent Japanese companies including Daiichi, Mitsui, Mitsubishi and Aeon.

 

turkishweekly.net