Turkish-Greek Joint Economic Committee signs protocol to boost bilateral trade

Turkey and Greece have signed a protocol to enhance bilateral trade relations and cooperation in several fields, according to a statement from the Turkish Trade Ministry.

The fifth meeting of the Turkish-Greek Joint Economic Committee (JEC) took place in Athens and the fifth Term Protocol of the JEC was signed at the end of the meeting.

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 Turkish-Greek JEC mechanism, the last meeting of which was held in Ankara in 2010, is reactivated after more than 10 years in line with the policy of maintaining bilateral trade and economic relations on the basis of a positive agenda and dialogue.

In line with Turkey’s increasing trade and economic relations with the EU in 2021, trade and economic relations with its border neighbor Greece also increased, according to a Turkish Trade Ministry statement.

“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 said.

The trade volume between Turkey and Greece stood at USD 5.2bn in 2021, a 69.2% rise compared to 2020.

The trade volume between the two countries has tripled since 2005.

Turkiye’s exports to Greece increased by 73.3% in 2021, resulting in a trade surplus of nearly USD 1bn.

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