Voice of America - VOA News on Nostr: Turkey-Israel disagreement over Gaza hits trade relations ========== Turkey has ...
Turkey-Israel disagreement over Gaza hits trade relations
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Turkey has announced new restrictions on exporting 54 product groups, including aluminum, steel, construction products, jet fuel, and chemical fertilizers, to Israel. This comes after Turkey's Foreign Minister accused Israel of preventing aid to Gaza and vowed to take measures against Israel until there was a cease-fire and a permanent flow of aid into the territory. Some experts believe that Turkey's export restrictions are a response to domestic politics, particularly the success of the Islamist New Welfare Party in recent local elections. Trade between Israel and Turkey has become increasingly unbalanced in Turkey's favor, with Turkey's exports to Israel worth $5.4 billion in 2023, while Israel's exports to Turkey were worth $1.6 billion the same year. The restrictions are expected to broadly affect Israel's construction sector, as Israel is highly dependent on imports from Turkey for materials such as cement and steel. Israeli Foreign Minister Israel Katz has threatened to prevent Turkey from exporting additional products in response. Some analysts believe that Turkey's actions may violate the World Trade Organization's agreements, but it is unlikely that the U.S. will take measures against Turkey due to other priorities. Thirty-eight U.S. states have laws prohibiting contracting or investing in entities that boycott Israel.
#Turkey #Israel #Gaza #TradeRelations #ExportRestrictions #DomesticPolitics #ConstructionSector #WorldTradeOrganization #UsCongress #BoycottLaws
https://www.voanews.com/a/turkey-israel-disagreement-over-gaza-hits-trade-relations/7566520.html
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Turkey has announced new restrictions on exporting 54 product groups, including aluminum, steel, construction products, jet fuel, and chemical fertilizers, to Israel. This comes after Turkey's Foreign Minister accused Israel of preventing aid to Gaza and vowed to take measures against Israel until there was a cease-fire and a permanent flow of aid into the territory. Some experts believe that Turkey's export restrictions are a response to domestic politics, particularly the success of the Islamist New Welfare Party in recent local elections. Trade between Israel and Turkey has become increasingly unbalanced in Turkey's favor, with Turkey's exports to Israel worth $5.4 billion in 2023, while Israel's exports to Turkey were worth $1.6 billion the same year. The restrictions are expected to broadly affect Israel's construction sector, as Israel is highly dependent on imports from Turkey for materials such as cement and steel. Israeli Foreign Minister Israel Katz has threatened to prevent Turkey from exporting additional products in response. Some analysts believe that Turkey's actions may violate the World Trade Organization's agreements, but it is unlikely that the U.S. will take measures against Turkey due to other priorities. Thirty-eight U.S. states have laws prohibiting contracting or investing in entities that boycott Israel.
#Turkey #Israel #Gaza #TradeRelations #ExportRestrictions #DomesticPolitics #ConstructionSector #WorldTradeOrganization #UsCongress #BoycottLaws
https://www.voanews.com/a/turkey-israel-disagreement-over-gaza-hits-trade-relations/7566520.html