TRADE TREATY

Southland Times, Issue 25305, 7 June 1935, Page 7

TRADE TREATY

BRITAIN AND TURKEY . 1 _ 1 , ARRANGEMENTS FOR PAYMENT RESTRICTIONS ■ LIFTED (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, June 5. An Anglo-Turkish trade and payments agreement was signed at Angora yesterday, and pending an exchange of ratification it comes into force provisionally on June 20. In the House of Commons, Mr D. J. Colville, Parliamentary Secretary to the Overseas Trade Department, said the basis of the agreement was that the Turkish Government undertook to make available in payment for United Kingdom goods exported to Turkey 70 pel- cent, of 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 to Turkish exports to this country were to be made by importers into a special sterling account. The Turkish Government, subject to certain exceptions, also agreed to allow United Kingdom goods _ held up _ in 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 range of United Kingdom goods. All ■ other United Kingdom goods would receive the same treatment under the general quota regime in force in Turkey as was accorded other countries with which Turkey had clearing agreements. His Majesty’s Government on its side undertook 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.