Turkish Foreign Minister Mevlüt Çavuşoğlu on Saturday said Turkey and Japan aim to finalise negotiations on an economic partnership deal by the end of 2019, state-run Anadolu news agency reported.
“God willing, our trade volume will grow larger and become more balanced with the Economic Partnership Agreement,” Çavuşoğlu said during the G20 Foreign Ministers’ Meeting in Japan.
He also said that the sides also agreed on a technical cooperation deal between their respective state-run aid agencies, the Turkish Cooperation and Coordination Agency (TIKA) and Japan International Cooperation Agency (JICA), according to Anadolu.
Reports earlier showed that the number of Turkish companies that formed a partnership with Japanese businesses in the first half of 2019 has grown twofold.
Japanese investors either buy Turkish companies or become partners, the report said, and they mainly invested in energy and chemistry sectors.
Turkish businesses have been severely hit by economic turmoil in the country. The lira has dropped by almost one-third against the dollar in 2018, rendering imported materials more expensive and leading to a surge in interest rates.
But foreigners have flocked to take advantage of the declining Turkish lira, especially in real estate. According to a report by The Turkish Statistical Institute (TurkStat), properties sold the foreign nationals increased 78.4 percent in one year, from 22,234 sold in 2017 to 39,663 in 2018.