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- October 24, 202614°
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- October 24, 202614°
DEİK Türkiye-Canada Business Council Chair Yılmaz targets $10 billion
Mehmet Yılmaz, chair of the DEİK Türkiye-Canada Business Council, said trade between the two countries could first rise to $5 billion and then reach $10 billion. Yılmaz said the current volume of approximately $3 billion remains below its potential and that opportunities for cooperation exist in defense, energy, mining and artificial intelligence.
Mehmet Yılmaz, chair of the DEİK Türkiye-Canada Business Council, said trade between Türkiye and Canada could first rise to $5 billion and then reach $10 billion. Yılmaz said the current trade volume of approximately $3 billion does not reflect the potential of the two countries.
A strategic partnership was launched between the two countries following Canadian Prime Minister Mark Carney's talks with President Recep Tayyip Erdoğan during Carney's visit to Türkiye. A three-year action plan was established to develop cooperation in trade, investment, defense, security and energy.
As part of this framework, the first round of negotiations on a comprehensive free trade agreement was scheduled to take place in Ankara from November 30 to December 4. The Export Development Canada and Türk Eximbank also signed a cooperation agreement on projects in third countries.
Areas of cooperation expand
Trade between Türkiye and Canada has increased by approximately 50 percent since 2020. The two countries agreed to strengthen cooperation in defense industries, liquefied natural gas, nuclear energy, renewable energy and critical minerals.
Canada announced that it would send a trade delegation to Türkiye in 2027. The number of weekly flights between the two countries was increased from 12 to 21, while unlimited capacity was made available for cargo flights.
Yılmaz said Türkiye held an important position as Canada sought to diversify its trading partners. Noting that approximately 70 percent of Canada's foreign trade is conducted with the United States, Yılmaz said the need for new trading partners had therefore increased.
Yılmaz said Türkiye and Canada had longstanding ties, particularly in mining, and that Canadian mining companies operated in Türkiye with sensitivity toward the environment and people.
Focus on defense and energy
Yılmaz said the defense industry offered significant opportunities for cooperation between the two countries. He said Türkiye's manufacturing capacity and production agility provided an advantage for Canada, while Canada was strong in artificial intelligence, information technology and space sciences.
Yılmaz said talks on nuclear energy also carried strategic importance, adding that Canada's nuclear energy technologies were clean and open to technology transfer. He said Türkiye should be one of Canada's potential partners in energy, oil, natural gas, mining, nuclear energy, defense industries and artificial intelligence technologies.
Three-year outlook for the trade target
Mehmet Yılmaz said talks between the leaders had given new momentum to economic cooperation. Yılmaz said trade could reach $5 billion over the next three years, followed by progress toward the $10 billion target.
Yılmaz said he had served as an executive at a Canadian company for approximately 40 years and that Canada's business community was impressed by the entrepreneurship and determination of Turkish companies. He said various initiatives had been carried out in Canada last year in the defense industry and this year in shipbuilding, adding that efforts to develop commercial relations would continue.
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