How effective is Turkey’s ban on trade with Israel? | Inside Story
Al Jazeera English・21 minutes read
Turkey has suspended all trade with Israel due to the denial of aid entry into Gaza until a ceasefire is established, affecting a $7 billion commercial relationship annually. President Erdogan announced the trade ban following criticism from Israel's foreign minister, with significant economic impacts on both countries.
Insights
- Turkey has suspended all trade with Israel due to the denial of aid entry into Gaza until a permanent ceasefire is reached, affecting a significant $7 billion annual commercial relationship.
- The trade ban, announced by President Erdogan, reflects Turkey's condemnation of Israel's actions in Gaza and may have been influenced by domestic pressure, potentially leading to long-term consequences for both countries if more nations follow suit.
Get key ideas from YouTube videos. It’s free
Recent questions
Why did Turkey suspend trade with Israel?
Turkey suspended trade with Israel due to the denial of aid entry into Gaza and the ongoing violence, demanding a permanent ceasefire.
What products are affected by the trade ban?
The trade ban affects imports and exports of steel, vehicles, plastics, electrical devices, and machinery between Israel and Turkey.
How is Israel responding to the trade ban?
Israel is urged to find alternative trade partners and increase local production to mitigate the effects of the trade ban.
What are the major exports between Turkey and Israel?
Turkey exports raw iron bars, cars, and jewelry to Israel, while Israel exports refined petroleum products to Turkey.
How is the trade ban perceived politically?
The decision by Turkey to impose an embargo on Israel is viewed as a political move influenced by domestic and international factors, raising concerns about trade relationships in the region.
Related videos
ILTV Israel News
Israel Daily News – War Day 187 April 10, 2024
Firstpost
LIVE: US Forms "The Squad" to Counter Chinese Threat in the Indo-Pacific | Vantage with Palki Sharma
BBC News
UK suspends some arms exports to Israel | BBC News
Firstpost
Israeli Fighter Jets and Tanks Rain Fire on Rafah | Vantage with Palki Sharma
Firstpost
Israel vs Iran: A Clash of Military Capabilities | Vantage with Palki Sharma
Summary
00:00
Turkey Suspends Trade with Israel Over Gaza
- Turkey has suspended all trade with Israel following the denial of its aid entry into Gaza until a permanent ceasefire is agreed upon.
- The trade ban affects a commercial relationship worth nearly $7 billion annually between Israel and Turkey.
- Turkey's government demands a halt to violence in Gaza, condemning Israel's actions that have resulted in Palestinian deaths.
- President Erdogan of Turkey announced the total trade ban, possibly influenced by domestic pressure after local election setbacks.
- The trade halt includes imports and exports of steel, vehicles, plastics, electrical devices, and machinery between Israel and Turkey.
- Israel's foreign minister criticized the suspension, accusing Erdogan of acting like a dictator.
- The suspension follows Israel's denial of Turkish aid to Gaza and subsequent bans on exports of steel, fertilizer, and jet fuel.
- The economic impact of the trade ban on both Israel and Turkey is significant, with Israel losing around $2 billion in exports to Turkey.
- The ban may not have an immediate impact on Israel, but could have long-term consequences if more countries follow suit.
- The Israeli government is urged to find alternative trade partners and ramp up local production to mitigate the effects of the trade ban.
18:36
Israel and Turkey: Trade Tensions and Challenges
- Israel is currently facing significant challenges, with the government's focus on promoting settlements and not on other issues.
- Israel's Foreign Minister has accused Turkey of violating international trade agreements, impacting trade between the two countries.
- Turkey's major exports to Israel include raw iron bars, cars, and jewelry, while Israel exports refined petroleum products to Turkey.
- Israel has a more diversified foreign trade compared to Turkey, with potential alternative markets for exports.
- The decision by Turkey to impose an embargo on Israel is seen as a political move, influenced by domestic and international factors, with concerns about the impact on trade relationships in the region.
