China to take steps to change trade balance with Türkiye

In a significant development for China-Türkiye relations, Chinese Foreign Minister Wang Yi expressed hope to increase agricultural imports from Türkiye and enhance cooperation in sectors such as tourism and aviation during a meeting with Foreign Minister Hakan Fidan in Beijing Tuesday.

According to the Chinese Ministry of Foreign Affairs, China seeks Türkiye’s assistance in maintaining stable global supply chains.

Foreign Minister Hakan Fidan emphasized the growing importance of the Belt and Road Initiative (BRI) and Türkiye’s Middle Corridor project.

“Harmonizing the Belt and Road Initiative with the Middle Corridor, and integrating it with other transport corridors like the Development Road in Iraq, is our target,” Fidan stated during a joint press conference following his meeting with Wang Yi.

Türkiye-China trade volume reached $48 billion

Fidan highlighted the robust economic relationship between the two countries, noting that the bilateral trade volume reached $48 billion in 2023. China is Türkiye’s largest trading partner in Asia and the third largest globally.

“This trade is largely in favor of China. We discussed balancing this trade, including lifting restrictions on Turkish agricultural imports. We also aim to strengthen our cooperation in tourism,” Fidan added.

Fidan revealed plans to attract more Chinese tourists to Türkiye, mentioning that the Chinese Minister of Culture and Tourism would visit Türkiye later this week to discuss this further.

The Turkish minister also pointed to potential collaborations in the energy sector, particularly in nuclear energy and the assessment of precious metals, with discussions already underway between relevant institutions and firms.

Finance minister appointed as co-chair of Intergovernmental Cooperation Committee

Inviting Chinese companies to establish high-tech production and R&D centers in Türkiye, Fidan emphasized that such initiatives would facilitate Chinese companies’ access to European, Middle Eastern and African markets through Türkiye.

On transportation, Fidan reiterated the importance of aligning the Belt and Road Initiative with Türkiye’s Middle Corridor project and integrating other transport corridors, such as the Development Road in Iraq.

Fidan and his Chinese counterpart agreed on activating bilateral cooperation mechanisms. To this end, President Erdogan appointed Treasury and Finance Minister Mehmet Simsek as the co-chair of the Intergovernmental Cooperation Committee, with plans to convene the committee within the year and host President Xi in Türkiye.