Turkey and Sweeden sign JETCO protocol

Turkey and Sweden agreed to boost bilateral trade and investment.

During the first Turkish-Sweden Joint Economic and Trade Committee (JETCO) meeting, held online, top officials from both countries spoke on bilateral commercial ties and relations with the EU, in particular updating the Turkey-EU Customs Union as well as the EU’s Green Deal.

Also discussed at the meeting were the effects of the pandemic, mutual investments and contracting services, and cooperation in third countries and joint projects.

The two countries set a goal to boost the bilateral trade volume to USD 5bn in a balanced way.

“I believe that our meeting will help deepen our commercial and economic relations through a constructive dialogue,” Trade Minister Mehmet Mus said in English on Twitter.

Trade ties with Sweden

Despite the pandemic, last year the country’s trade volume with Sweden rose compared to 2019, reaching USD 3.1bn.

While four contracting projects have been undertaken in Sweden so far, the cost of these projects reached USD 171m.

From 2002 up to now, the country’s investments in Sweden reached USD 156m, while international direct investment from Sweden to Turkey totaled USD 385m.

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