British Trade Agreement With Turkey

Manawatu Times, Volume 60, Issue 132, 7 June 1935, Page 7

British Trade Agreement With Turkey

NEW PRINCIPLE OF PAYMENT INTRODUCED. (British Official Wireless.) Received Thursday, 7 p.m. RUGBY, Juno 5. An Anglo-Turkish' trade and paynents agreement was signed at Angora yesterday and pending the exchange of ratification comes into force provisionally on June 20. In the Commons Colonel Colville, of the Overseas Trade Department, said the basis of the agreement was that the Turkish Government undertakes to make available in payment for United Kingdom goods exported to Turkey 70 per cent, of the sterling resulting from Turkish exports to the United Kingdom, the balance of 30 per cent, being retained by Turkey to meet freight and other invisible items. Payments in respect of Turkish exports to this country are to be made by importers into a special sterling account. The Turkish Government, subject to certain exceptions, also agree to allow United Kingdom goods held up in the Turkish Customs to be imported into Turkey without restrictions; to allow the unrestricted importation of a considerable range of goods of interest to United Kingdom exporters, and to allocate quotas to a further Tango of United Kingdom goods. All other United Kingdom goods will receive the same treatment under the general quota regime in force in Turkey as is accorded other countries with which Turkey has clearing agreements. His Majesty’s Government on their side undertake to reduce the duty on figs and fig cake and not to impose any duty on raw mohair or to increase the existing 10 per cent, ad valorem duty on valonia and hazel nuts not in the shell.