TRADE WITH TURKEY.

Ashburton Guardian, Volume 61, Issue 48, 6 December 1940, Page 5

TRADE WITH TURKEY.

NEW BRITISH AGREEMENT.

MOVE TO DISPLACE GERMANY LONDON, December 4. The Turkish and British Governments have concluded arrangements which they hope will bring about a considerable increase in trade through commercial exchanges between Turkey and Britain during the validity of the arrangements. Provision has been made that payments between Turkey and the sterling area shall he effected at the existing Turkish rate of exchange, and special accounts shall be created in order to facilitate commercial and other payments between the two countries.

The present arrangement is complementary to the Trade and Payments Agreement signed in London on February 3of this year. The Treasury has made two orders under the Defence Regulations giving effect to these arrangements.

At present 50 per cent, of Turkey’s foreign trade is with Germany, but under the stimulus of these arrangements! the British Empire may well become the leading customer and supplier of Turkey.

The conclusion of these arrangements has given all the more satisfaction in London because they are the outcome of long discussions which covered the wholo held of Turkish commercial relations with the United Kingdom and the British Empire. They will facilitate British purchases, running into millions of pounds, of Turkish agricultural and other products, the disposal of which is so essential to the maintenance of Turkish national economy. They will also enable the Turkish Government and importers to buy from the United Kingdom and the British Empire generally not only goods required by Gyernment institutions, but also items such as cotton and woollen goods required by the peasant producer.

Thus the long-standing British policy of aiding Turkey to free herself from undue and unwelcome dependence in her foreign trade on a single outlet has been successfully implemented. For increasing trade under these ?r----rangements, which also imply closer co-operation between the authorities of the two countries, full use will bo made of the United Kingdom Commercial Corporation, which was formed some time ago to stimulate the trade of the Near East with Britain.

Local representatives of the corporation are collaborating with the Turkish authorities in an examination of the Turkish requirements, some of which it has already been found possible to satisfy. For example, negotiations have been completed for the dispatch of h number of locomotives and a large lumber of waggons to Turkey. United Kingdom and Empire producers and exporters in the past have carried on a considerable trade with Turkey, although trade with the United Kingdom has not amounted in the aggregate to more than 10 per cent, of the total of Turkey’s foreign trade.— British Official Wireless.