Trade
With the open market conditions (for industrial products) set off with the EU-Turkey Customs Union starting in 1996, trade figures between France and Turkey were boosted by two and a half fold during the ensuing five years, reaching 5.8 billion Dollars in 2000, and with France registering a clear surplus. Turkey became France's third largest trade partner outside the EU and France became Turkey's third largest partner overall. The loss of impetus caused by the late 2000 and early 2001 financial breakdowns in Turkey were already compensated for in 2002.
Until recently, Turkey still attracted a modest share in global foreign direct investment trends, although France and her household brand names were markedly present in this share since the 1960s. French FDI stepped up as of the second half of the 1980s in a move checked temporarily by the same financial crises of 2000-2001. In the period 1980-2000, France was cumulatively the first foreign investor in Turkey, investing 5.6 billion Dollars in value. In 2003, according to the Turkish Treasury, there were 270 French enterprises in Turkey, corresponding to significant market shares in automotive, construction —especially for the production of electricity—, cement, insurance, distribution and pharmaceutical industries.
Read more about this topic: France-Turkey Relations
Famous quotes containing the word trade:
“My own experience has been that the tools I need for my trade are paper, tobacco, food, and a little whisky.”
—William Faulkner (1897–1962)
“And there is no trade or employment but the young man following it may become a hero.”
—Walt Whitman (1819–1892)
“...I lost myself in my work and never felt that marriage would give me the security I wanted. I thought that through the trade union movement we working women could get better conditions and security of mind.”
—Mary Anderson (1872–1964)