In the wake of Turkey’s decision to suspend all trade activities with Israel, citing concerns over ongoing violence in the Gaza Strip, Israel has announced a series of retaliatory measures aimed at reducing economic ties between the two nations.
According to data from Israel’s Central Bureau of Statistics, in 2023, Israeli exports of goods to Turkey totaled $1.57 billion, while imports from Turkey amounted to $4.61 billion. This significant trade relationship has now become a focal point of diplomatic tension.
The Israeli Ministry of Foreign Affairs, along with representatives from the Economy Ministry and the Israel Tax Authority, convened to discuss a response to Turkey’s actions. In a statement issued on Friday, the Ministry announced its intention to sever economic connections between Turkey and the West Bank and Gaza. Additionally, it plans to pursue sanctions against Turkey in international economic forums for violating trade agreements.
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One of the key measures outlined by Israeli authorities is the creation of an alternative list for Israeli exports across various sectors and products, aiming to lessen dependence on Turkish markets. This move underscores Israel’s determination to safeguard its economic interests in the face of diplomatic challenges.
Highlighting the significance of Turkey as a trading partner for the Palestinian Authority, the Ministry emphasized the need to address the potential impact on Palestinian imports and exports.
Meanwhile, Israel has taken its grievances to the Organisation for Economic Cooperation and Development (OECD), of which both Israel and Turkey are member countries. Israel’s Economy Minister, Nir Barkat, confirmed the filing of a complaint against Turkey’s trade suspension, signaling the escalation of the dispute to an international platform.
The standoff between Israel and Turkey adds another layer of complexity to the already strained relations between the two countries. As diplomatic efforts continue, the economic repercussions of this dispute are likely to be felt by businesses and stakeholders on both sides.
