May 3, 2024
2 mins read

Erdogan: Trade Pause To Pressure Israel For Ceasefire

Israeli Ministry of Foreign Affairs has announced several measures to be taken against Turkey

Turkish President Recep Tayyip Erdogan has said that Turkey’s decision to suspend trade with Israel had one singular purpose, which is to compel the Israeli government into a ceasefire in the Gaza Strip.

He made the remarks on Friday during a meeting with the board of directors of the Independent Industrialists and Businessmen Association in Istanbul, according to the Presidency’s website.

The President also noted that the government will coordinate and consult with the business community to manage the consequences of halting trade with Israel, Xinhua news agency reported.

Turkey on Thursday halted all trade activities with Israel due to the latter’s “non-stop violence” against Palestinians in the Gaza Strip, according to the Turkish Trade Ministry.

Erdogan also said that this decision would set a precedent for other countries unsettled by the current situation.

Israel announces countermeasures

Israeli Ministry of Foreign Affairs has announced several measures to be taken against Turkey following the latter’s decision to halt all trade activities with Israel due to “non-stop violence” against Palestinians in the Gaza Strip.

The Ministry said on Friday in a statement that in a discussion carried out by senior officials from the Foreign and Economy ministries, as well as the Israel Tax Authority, it was decided to work towards reducing any economic connection between Turkey and the West Bank and Gaza, Xinhua news agency reported.

Additionally, it was decided to take action in international economic forums to explore sanctions against Turkey for violating trade agreements, to create an alternative list for the Israeli economy across various sectors and products, and to support affected Israeli export sectors.

It noted that Turkey is the Palestinian Authority’s largest importing country.

According to Israel’s Central Bureau of Statistics, in 2023, Israeli exports of goods to Turkey amounted to $1.57 billion, while Israeli imports from Turkey reached $4.61 billion.

Meanwhile, Israel filed a complaint to the Organisation for Economic Cooperation and Development (OECD) against Turkey for its decision to suspend trade, said a statement from Israel’s Economy Minister Nir Barkat.

Both Turkey and Israel are OECD member countries.

ALSO READ: Herzog says universities ‘contaminated by hatred’

Previous Story

My Life’s on the Line: Imran Khan

Next Story

Canada Arrests 3 Accused in Nijjar Murder

Latest from -Top News

Kerala CM begins Gulf tour

Kerala CM Pinarayi Vijayan begins Gulf tour in Bahrain, engaging expatriate community and promoting welfare initiatives for NRKs, strengthening diaspora ties and showcasing Kerala’s development achievements….reports Asian Lite News Kerala Chief Minister

Green gold beneath the waves

Abu Dhabi, EAD and TotalEnergies launch seagrass restoration programme to protect marine biodiversity, store carbon, support dugongs, enhance fisheries, and lead global climate action initiatives….reports Asian Lite News As part of its

Microsoft joins UAE money push

The MoU sets the stage for a strategic partnership aimed at integrating AI across the UAE’s investment ecosystem….reports Asian Lite News The Ministry of Investment and Microsoft have signed a Memorandum of

EDGE unleashes cyber shield

The flagship platform, PROTECTION360, expands EDGE’s capabilities in continuous attack surface management….reports Asian Lite News EDGE, the UAE-based global advanced technology and defence conglomerate, has unveiled a suite of four cutting-edge cyber
Go toTop