Ankara: The Trade and Economic Partnership Agreement (TEOA) between Trkiye and Qatar, signed in November 2018, is set to come into effect on Friday, as announced by Trkiye's Trade Ministry on Thursday. This agreement aims to enhance mutual investments, streamline business processes, and boost projects focusing on production and employment.

According to Anadolu Agency, the ministry's statement emphasized the establishment of a robust legal framework that fosters a trustworthy investment environment for Turkish and Qatari businesspeople. The agreement is seen as a gateway to new opportunities for the Turkish business community in Qatar.

The deal aims to increase the current bilateral trade volume from $1 billion to $5 billion in the medium term. It seeks to deepen the commercial and economic ties between the two nations, facilitate the entry of Turkish companies into the Qatari market under favorable conditions, and boost mutual investments and production-focused projects.

Additionally, the agreement eliminates customs duties on a substantial portion of trade and sets out certain technical and commercial regulations. As of 2024, the annual foreign trade volume between Trkiye and Qatar stands at $1.1 billion, with Trkiye enjoying a trade surplus of $328 million.

The ministry highlighted that Trkiye has active Free Trade Agreements with 23 countries and Preferential Trade Agreements with six countries, alongside a Customs Union with the EU. These agreements have played a vital role in the expansion of Trkiye's foreign trade over the past 22 years, with exports increasing from $36 billion in 2002 to $267 billion by June 2025.