Turkish-Greek Joint Economic Committee signs protocol to bolster trade

31 Jan '22

1 min read

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Turkey and Greece have signed a protocol to enhance trade relations and cooperation, according to the Turkish trade ministry. The fifth meeting of the Turkish-Greek Joint Economic Committee (JEC) took place in Athens recently and the JEC’s fifth term protocol was signed at the end of the meeting. The meeting of the JEC mechanism was held in Ankara in 2010.

"The 5th JEC meeting will play an important role in maintaining the positive momentum in trade and economic relations with Greece and increasing cooperation opportunities," the ministry was quoted as saying by a Turkish media outlet.

The delegations discussed matters of mutual interests, including ways to improve bilateral trade volume, encourage companies to develop joint ventures in Greece and Turkey, strengthen cooperation in energy and transportation sectors.

The trade volume between Turkey and Greece stood at $5.2 billion in 2021, a 69.2 per cent rise compared to 2020 figures. The bilateral trade volume has tripled since 2005. Turkey's exports to Greece increased by 73.3 per cent in 2021, resulting in a trade surplus of nearly $1 billion.

Greece produces cotton, while Turkey has the entire textile value chain.

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