Turkey, Vietnam expect higher trade volume
Turkish Labor Minister Mehmet Müezzinoğlu said that the trade volume between Turkey and Vietnam had reached $2 billion in 2016 and is expected to reach $4 billion by 2020, according to a ministry statement Thursday.
The minister went to Vietnam's Hanoi for the seventh Turkey-Vietnam Joint Economic Council Meeting, said the statement.
"Turkey's exports to Vietnam increased by 50 percent to $233.9 million while imports from Vietnam stood at $1.73 billion in ," he said.
Mezzinoglu said that after two days of negotiations, major decisions were taken, namely concerning bilateral trade.
"We think that the free trade agreement to be signed will make a significant contribution to our bilateral commercial relations," he said.
The minister emphasized that Turkey was in a strategic position between Europe, the Middle East and Eurasia while Vietnam has emerged as a very important logistics center in Southeast Asia.
"The decision to conclude negotiations on customs, agriculture, visas, defense, forestry and water was taken," he added.