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TURKO-ARMENIAN TRADE VOLUMES SOAR DESPITE DIPLOMATIC STALEMATE
World Markets Research Center
Global Insight
February 3, 2010
BYLINE: Grace Annan
The Armenian Chamber of Commerce has issued surprisingly high
figures on the trade volume between Armenia and Turkey in 2009. The
volume reached US$300 million, US$200 million higher than what the
Turkish-Armenian Business Development Council (TABDC) had expected, and
still US$100 million above World Bank estimates. On the Turkish side,
this volume was particularly fuelled by activities of businessmen
from Eastern and South-Eastern Anatolia, according to the co-chair
of the TABDC, Kaan Soyak. The figures were not confirmed by either
country's government officials, as they do not officially record
bilateral trade volumes between Armenia and Turkey, due to the
still-difficult relations between the two countries.
Significance:Turko-Armenian trade volume is seemingly going the
opposite way to Turko-Armenian diplomatic ties. Although the latter
was hailed as having a potential to soar over the coming years,
paving the way for more business ties, it seems like business,
rather than politics, will facilitate the initial dialogue between
Armenians and Turks on medium and lower levels (seeTurkey - Armenia:
12 October 2009:). Arguably, the economic crisis in both countries
may have something to do with the increased interest in forging ties,
but this should not lower the surprising achievement. Yet the stalemate
is a predominantly socio-political one, and it will continue to hamper
business ties between the two countries until it is fully resolved.
World Markets Research Center
Global Insight
February 3, 2010
BYLINE: Grace Annan
The Armenian Chamber of Commerce has issued surprisingly high
figures on the trade volume between Armenia and Turkey in 2009. The
volume reached US$300 million, US$200 million higher than what the
Turkish-Armenian Business Development Council (TABDC) had expected, and
still US$100 million above World Bank estimates. On the Turkish side,
this volume was particularly fuelled by activities of businessmen
from Eastern and South-Eastern Anatolia, according to the co-chair
of the TABDC, Kaan Soyak. The figures were not confirmed by either
country's government officials, as they do not officially record
bilateral trade volumes between Armenia and Turkey, due to the
still-difficult relations between the two countries.
Significance:Turko-Armenian trade volume is seemingly going the
opposite way to Turko-Armenian diplomatic ties. Although the latter
was hailed as having a potential to soar over the coming years,
paving the way for more business ties, it seems like business,
rather than politics, will facilitate the initial dialogue between
Armenians and Turks on medium and lower levels (seeTurkey - Armenia:
12 October 2009:). Arguably, the economic crisis in both countries
may have something to do with the increased interest in forging ties,
but this should not lower the surprising achievement. Yet the stalemate
is a predominantly socio-political one, and it will continue to hamper
business ties between the two countries until it is fully resolved.