ECONOMY Haberleri Tümü

Turkey to Pay Heavy Price in Egypt Crisis

President Erdogan's 'personal animosity' towards Egyptian President Abdel Fattah el-Sisi hit Turkey's foreign trade. The transport agreement between Turkey and Egypt expires on April 24. Egyptian government announced that they will not extend its duration.

President Erdogan's 'personal animosity' towards Egyptian President Abdel Fattah el-Sisi hit Turkey's foreign trade. The transport agreement between Turkey and Egypt expires on April 24. Egyptian government announced that they will not extend its duration.

Deniz Kahraman


Duration of the transport agreement between Turkey and Egypt which has a vital importance on Turkey's oil imports from Saudi Arabia and Gulf countries will expire after two weeks.

Turkey's AKP government made a great effort through setting informal contacts which is called back door diplomacy to convince Cairo government and not to face hundreds of millions of dollars incremental cost arising from the expiration of the agreement. However, Cairo government did not send any positive response up to the present.

Cairo government maintained its discourse that the duration of the agreement will not be extended unless Turkey changes its policy towards Egypt. The cost of Turkey's crude oil imports from Saudi Arabia, Iran and Iraq and import of intermediate, investment and consumption goods from China will sharply increase after April 25. Turkey will forced to pay at least 200 thousand dollars additional taxes and charges to Egyptian government just for the oil exports.

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