TRADE AGREEMENT

Hokitika Guardian, 6 December 1940, Page 5

TRADE AGREEMENT

BRITAIN AND TURKEY

(British Official Wireless.)

RUGBY, December 5,

Turkish - British trade agreements have "been concluded and have given all the more satisfaction in London because they are the outcome of long discussions which covered the whole field of Turkish commercial relations with the United Kingdom and the British Empire. They will facilitate British purchases running into millions of Turkish agricultural and other products, the disposal of which is so essential for the maintenance of the Turkish national economy. They will also enable the Turkish Government and importers to buy from the United Kingdom and British Empire generally not only goods, required by Governmental institutions, but also items such as cotton and woollen goods required by peasant-producers. Thus a long-standing British policy of aiding Turkey to free herself from undue and unwelcome dependence in her foreign trade on a s ingle outlet has been successfully implemented. For increasing trade under these arrangements, which also imply closer co-operation between the authorities of the two countries, full use will be made of the organisation of the United Kingdom Commercial Corporation formed some time ago to stimulate trade of the Near East with Britain. Local representatives of the corporation are collaborating with Turkish authorities in the examination of Turkish requirements, some of which it already has been found possible to satisfy. For example, negotiations have been completed for the dispatch of a number of locomotives and a large number of waggons to Turkey. United Kingdom and Empire producers and exporters in the past carried on considerable trade with Turkey, although the trade with 'the United Kingdom has not amounted in the aggregate to more than ten per cent, of the total ■of Turkey’s foreign trade. Under the stimulus of these arrangements, the British Empire may well become the leading customer and supplier of Turkey.

Provision is made that payments between Turkey and the sterling a reft shall he effected at the existing Turkish rate of exchange, and that special accounts shall bo 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 3rd., 1940.

The Treasury has made two orders under the Defence Regulations, giving effect to these arrangements.