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"According to the president of one of Turkey's most prominent business associations, the trade between Turkey and Chile could potentially double to reach $1 billion within the next three years.
A free-trade agreement between the two countries was signed in 2009 and became active on March 1 this year, making it the latest of 14 such agreements that Turkey already has in place with other countries. The other countries include European Free Trade Association members and non-EU member states. In contrast Chile has free-trade agreements with 58 nations throughout the world.
At the moment Turkey is the world's 16th largest economy, but at its current pace, it is set to overtake several nations which currently rank higher on the list. These predictions are based on the growth achieved over the last decade.
In 2010 Turkey was the fastest-growing country world-wide after China and Argentina, as it achieved a growth rate of 8.9%. Growth this year is predicted to be more than 5% spite of measures introduced by the government and central bank of Turkey to slow down the economy.
Chile has also experienced strong growth over the last decade and is increasingly being viewed as a more important nation. In 2010 the trade between the two countries was nearly $400 million, with three quarters of it being exports from Chile to Turkey. Turkey is hoping to export more products to Chile, especially in the areas of agriculture, textiles, construction and fisheries. Turkey is also hoping to attract more tourists from Chile.
