In a recent announcement, Turkey has revealed that it will not resume trade with Israel until a permanent ceasefire is established in Gaza. Trade between the two countries amounts to roughly $7 billion annually, with Turkish Trade Minister Omer Bolat citing Israel’s uncompromising stance and the deteriorating situation in Gaza as reasons for the halt.
The decision, which was made public on Thursday, marks Turkey as the first of Israel’s major trading partners to cease exports and imports due to the military actions in Gaza. Israeli Foreign Minister Israel Katz has condemned Turkish President Tayyip Erdogan’s move, accusing him of violating international trade agreements and behaving like a dictator.
Hamas, the militant group in control of Gaza, has commended Turkey’s decision as a show of support for Palestinian rights. This follows Turkey’s decision last month to restrict exports of various products, including steel, fertiliser, and jet fuel, in response to Israel’s refusal to allow Ankara to participate in aid air-drop operations in Gaza.
The suspension of all remaining trade, amounting to $5.4 billion in Turkish exports and $1.6 billion in Israeli imports last year, will have a significant impact on both economies. Turkish exports to Israel primarily consist of steel, vehicles, plastics, electrical devices, and machinery, while Israeli imports from Turkey are mainly comprised of fuels, according to Turkish trade data.
The cessation of trade between Turkey and Israel serves as a reflection of the ongoing tensions in the region and the international community’s efforts to secure a lasting ceasefire and provide humanitarian aid to the people of Gaza.
