The Possible Effects of Trans-Pacific Partnership on Turkish Economy

Due to the World Trade Organization’s (WTO) deadlocked multilateral trade negotiations, many countries have started to establish Free Trade Agreements (FTA). In this context, twelve countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States (US) and Vietnam have decided to establish Trans-Pacific Partnership (TPP). This study focuses on the impacts of this partnership on Turkish economy. By using Global Trade Analysis Project (GTAP) database and a general equilibrium model, the effects of various scenarios on GDP and exports are studied. Obtained results show that Turkey could be in a loss up to 1% of GDP if present 12 countries establish the TPP. Otherwise, potential countries’ inclusions in TPP could cause higher losses – up to 2.4% of GDP- for Turkey

The Possible Effects of Transatlantic Trade and Investment Partnership and Trans-Pacific Partnership on Chinese Economy

The failure to advance the multilateral trade negotiations of the World Trade Organization (WTO) was a disruption for the international trading system. Alternatively, many countries have commenced to establish bilateral and regional Free Trade Agreements (FTA). Among those agreements the Transatlantic Trade and Investment Partnership (TTIP) and Trans-Pacific Partnership (TPP) are agreements with members from across the Atlantic and the Pacific respectively. This note focuses on the impacts of these agreements on Chinese economy under three scenarios. The effects of various scenarios on Chinese GDP and export are studied by using the Global Trade Analysis Project (GTAP) database and a general equilibrium model. To the best of our knowledge, we are the first to analytically analyze the economic impacts of the TTIP on Chinese economy. In all of the scenarios the TTIP is realized and China never becomes a member of it. In the first scenario the TPP is not realized. In the second scenario the TPP is realized and China is excluded from it. In the last scenario the TPP is realized and China is included in the initiative. The results suggest that when only TTIP is realized, Chinese economic variables are negatively affected. When both TTIP and TPP are realized and China is excluded, the combined damage in Chinese economy is higher than the damage of TTIP alone. On the other hand, inclusion of China in the TPP affects its economic variables positively despite the negative effects of the TTIP. In other words, positive impacts of participation of China in the TPP compensate for the negative impacts of the TTIP

The Possible Effects of Transatlantic Trade and Investment Partnership and Trans-Pacific Partnership on Chinese Economy

The failure to advance the multilateral trade negotiations of the World Trade Organization (WTO) was a disruption for the international trading system. Alternatively, many countries have commenced to establish bilateral and regional Free Trade Agreements (FTA). Among those agreements the Transatlantic Trade and Investment Partnership (TTIP) and Trans-Pacific Partnership (TPP) are agreements with members from across the Atlantic and the Pacific respectively. This note focuses on the impacts of these agreements on Chinese economy under three scenarios. The effects of various scenarios on Chinese GDP and export are studied by using the Global Trade Analysis Project (GTAP) database and a general equilibrium model. To the best of our knowledge, we are the first to analytically analyze the economic impacts of the TTIP on Chinese economy. In all of the scenarios the TTIP is realized and China never becomes a member of it. In the first scenario the TPP is not realized. In the second scenario the TPP is realized and China is excluded from it. In the last scenario the TPP is realized and China is included in the initiative. The results suggest that when only TTIP is realized, Chinese economic variables are negatively affected. When both TTIP and TPP are realized and China is excluded, the combined damage in Chinese economy is higher than the damage of TTIP alone. On the other hand, inclusion of China in the TPP affects its economic variables positively despite the negative effects of the TTIP. In other words, positive impacts of participation of China in the TPP compensate for the negative impacts of the TTIP

The Possible Effects of Transatlantic Trade and Investment Partnership (TTIP) on Turkish Economy

Due to the World Trade Organization’s (WTO) deadlocked multilateral trade negotiations, many countries have started to establish Free Trade Agreements (FTA). In this context, the European Union (EU) and the United States (US) have decided to establish bilateral Transatlantic Trade and Investment Partnership (TTIP). This note focuses on the impacts of this partnership on Turkish economy. To the best of our knowledge, we are the first to analytically analyze the economic impacts of the TTIP on Turkey by differentiating according to Turkey’s inclusion in and exclusion from the TTIP. By using Global Trade Analysis Project (GTAP) database and a general equilibrium model, the effects of various scenarios on GDP is studied within the framework of four-regional-consolidation, the EU, the U.S., Turkey and rest of the world. Obtained results show that Turkey could be in a gain of 35 billion USD if Turkey is included in TTIP compared to if she is excluded from the TTIP. Moreover, Turkey’s inclusion in TTIP is not only in favor of Turkey but also in favor of the EU and the USA in terms of higher GDP growth rates

Economic Impacts of Korea-Turkey FTA

The trade volume and diversity of the products traded between Korea and Turkey have been increasing since early 2000s. On top of this, the enthusiasm of the countries in exploring new opportunities led them to start the negotiations on signing a free trade agreement in 2010. The process was finalized in 2012. The agreement foresees that all of the trade tariffs on industrial products and most of the tariffs on agricultural products will be removed in seven and ten years, respectively. To the best of our knowledge, this study is the first one that investigates possible economic impacts of this agreement on Korean and Turkish economies. It employs a computable general equilibrium model and uses the Global Trade Analysis Project database. It finds that the agreement will benefit both parties in terms of GDP and export. In particular, total gains of Korea and Turkey would be as high as 0.129 and 0.054 percent of their respective GDPs. Finally, the exports of Korea might increase by up to 0.139 percent where that of Turkey might increase by 0.164 percent

The Possible Effects of Trans-Pacific Partnership on Turkish Economy

Due to the World Trade Organization’s (WTO) deadlocked multilateral trade negotiations, many countries have started to establish Free Trade Agreements (FTA). In this context, twelve countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States (US) and Vietnam have decided to establish Trans-Pacific Partnership (TPP). This study focuses on the impacts of this partnership on Turkish economy. By using Global Trade Analysis Project (GTAP) database and a general equilibrium model, the effects of various scenarios on GDP and exports are studied. Obtained results show that Turkey could be in a loss up to 1% of GDP if present 12 countries establish the TPP. Otherwise, potential countries’ inclusions in TPP could cause higher losses – up to 2.4% of GDP- for Turkey

Economic Impacts of Korea-Turkey FTA

The trade volume and diversity of the products traded between Korea and Turkey have been increasing since early 2000s. On top of this, the enthusiasm of the countries in exploring new opportunities led them to start the negotiations on signing a free trade agreement in 2010. The process was finalized in 2012. The agreement foresees that all of the trade tariffs on industrial products and most of the tariffs on agricultural products will be removed in seven and ten years, respectively. To the best of our knowledge, this study is the first one that investigates possible economic impacts of this agreement on Korean and Turkish economies. It employs a computable general equilibrium model and uses the Global Trade Analysis Project database. It finds that the agreement will benefit both parties in terms of GDP and export. In particular, total gains of Korea and Turkey would be as high as 0.129 and 0.054 percent of their respective GDPs. Finally, the exports of Korea might increase by up to 0.139 percent where that of Turkey might increase by 0.164 percent

Bölgesel ticaret anlaşmaları Türkiye’nin dış ticaretini artırıyor mu?

Regional trade agreements (RTAs) have important role in Turkey’s foreign trade. Turkey, which has a customs union with the European Union (EU), has to apply the Common Commercial Policy of the EU in line with obligations arisen from the Customs Union Decision. Within this framework, attempts to sign free trade agreements (FTAs) with countries which have a FTA with the EU have been maintained. In the current situation, Turkey has FTAs with 20 countries and Turkey’s foreign trade with the EU members is conducted under provisions of the Customs Union Decision. The aim of this study is to analyze whether the RTAs of Turkey are an increasing factor in her foreign trade or not. In the study, Turkey’s foreign trade with 126 countries or country groups is analyzed using the gravity model. Impacts of the RTAs on Turkey’s foreign trade are measured through panel data estimations of the classical gravity model extended by variables defined for RTAs and fixed effects. In this regard, empirical evidences reveal that the Customs Union does not affect Turkey’s export but it is an increasing factor in import of Turkey. Also, it is obtained that the FTAs do not have any impact on either export or import of Turkey.M.S. - Master of Scienc

Do Regional Trade Agreements Actually Increase Turkey's Foreign Trade

After the deadlock of World Trade Organization Doha trade negotiations since 2000, trade agreements like Customs Union (CU) and free trade agreements (FTAs) gained further importance in foreign trade. The aim of this study is to analyze the role of regional trade agreements (RTAs) of Turkey in her foreign trade. Effects of the RTAs on Turkey’s foreign trade are analyzed through gravity model in line with the study of Anderson and van Wincoop (2003). The study covers Turkey’s trade flows with 126 trade partners for the period 1992- 2013. Empirical findings reveal that the CU does not affect Turkey’s exports but it increases imports of Turkey. Also, it is found that the FTAs do not have any impact on either exports or imports of Turkey