Turkey-country analysis Essay Example for Free

joker-country analysis EssayTurkey is a dynamic smart market due to its geographical and strategic importance. Further more, it has a complex of developed infrastructure and an internationally competitive work force. Its geographical closeness to the uphill energy generating states in the Caspian and Central Asia are other reasons that upgrade elevate its stature economically.Turkey is trying to align its economic policy with the commercial-grade policy measures of European Union and creating free trade zones, signing new deliver Trade accords with prospective countries. In addition to implementing Common Customs Tariff, Turkey is further putting into practice the preferential trade regime especially with third world countries i.e. Islamic and Balkans. In order to fulfill the EU measures and to look by and by its commercial concerns, it is executing this Free Trade accords on priority basis. Until now Turkey concluded 19 preferential trade agreements but only 9 of these pr eferential agreements are in force EFTA, Israel, Bulgaria, Romania, Macedonia, Croatia, Bosnia-Herzegovina Palestine and Tunisia.This preferential trade regime was first put into practice by signing a Free Trade Agreement between Turkey and the EFTA States that was implemented in April 1992. After this Turkey reinforced its policy of preferential trade with European countries of non-EFTA members and signed FTAs with Latvia, Lithuania, Slovakia, Poland Hungary, Estonia, Slovenia and Czechoslovakian Republic. After their membership of European Union, these accords came to an end. So in this context, Turkey Located new preferential states and entered into accord with Israel, Romania and Bulgaria entered into force in May 1997, February 1998 and January 1999 respectively.Turkey has too created free trade zones. Turkish Free Zones are tax free zones. In order to lure the trade and investment, all the commercial and trade activities in these zones are tax-exempted. Furthermore, Free Zon es earnings and revenues can be shifted to any country, without any official restraint or any prior permission and are not subject to any kind of taxes, duties and fees. Currencies used in the zone are convertible foreign currencies accepted by the Central Bank.Turkey is trying to incorporate with international markets and enhancing the cooperation with trading partners worldwide. Despite various complexities and impediments, Turkey has almost achieved all goals in its global integration process started in 1980s. The stable liberalization of the parsimoniousness and assimilation with the global economy begun by former President zal has sustained itself without disruptions. Although it was full of vicissitudes but Turkeys trade sector manifest a mounting symmetricalness of GDP, and foreign funds are a prime source of investment. 1Despite economic catastrophe of mid-1994 such as the devaluation of the currency, bank failures, stock market crash, Turkey has been labeled a chief emer ging market by the main international financial institutes. Turkey recognized its interest in closer tetramerous cooperation with Islamic countries, particularly with rich Middle Eastern states and Turkeys augmented its presence in Middle Eastern markets and supplied supplementary sources of foreign direct investment and commercial financing.ReferencesForeign Economic Relations Board ofTurkey.http//www.deik.org/1 For further details check Foreign Economic Relations Board of Turkey (DEIK) website that is established with prime consumption is to pave the way for Turkeys economic, commercial, industrial and financial relations with foreign.