A study of the economic relationship between New Zealand and Turkey showed there is good potential for growth in bilateral trade, New Zealand Trade Minister Phil Goff said on Monday.
"The New Zealand-Turkey Economic Stocktake is the result of a ministerial New Zealand-Turkey Joint Economic Commission meeting in 2006 between myself and Turkey's then Deputy Prime Minister Abdullatif Sener," Goff said in a press release.
"The stock take has produced three conclusions. Firstly, that both New Zealand and Turkey's economies have performed well in the past few years. Secondly, there is ample scope to grow our bilateral trade opportunities, and thirdly, the removal of trade barriers would greatly assist this trade growth," he said.
"Turkey is one of the fastest growing economies in the OECD and its economic reforms and improvements to its regulatory regime have been impressive. This presents real opportunities for New Zealand businesses," he added.
"Trade with Turkey, currently in Turkey's favor, has almost tripled since 1990, to about 150 million NZ dollars (120 million U.S. dollars) last year. As the stock take makes clear, two-way trade can grow further and grow faster," he said.
Agriculture is an important area where the relationship can develop. New Zealand wool, hides and skins have been New Zealand main exports to Turkey, but Turkey is also a significant consumer of dairy products and dairy consumption is forecast to grow substantially over the next decade.
The New Zealand-Turkey Joint Economic Commission has met regularly since 1991.
Source:Xinhua
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