Business · Trade · 16 hrs ago
Turkey and Singapore sign pact to deepen economic ties
Turkey and Singapore signed a declaration to create a joint trade committee at a meeting in Istanbul.
The committee, known as JETCO, is intended to give officials and business leaders a regular way to discuss economic ties.
Trade between the countries reached $1.1 billion in 2025, according to Turkey’s trade minister, Ömer Bolat.
Turkey forecasts that trade will total $1.3 billion to $1.4 billion by the end of 2026.
Singaporean companies’ investments in Turkey amount to $2.7 billion, and their investment stock there has risen 90% since 2020.
The countries see opportunities to work together in trade, investment, digital economy, energy, logistics and other areas.
The first JETCO meeting is planned for next year, alongside business forums and roundtable meetings.
Turkey and Singapore signed a declaration establishing a Joint Economic and Trade Committee (JETCO) to deepen their economic ties.
The signing took place after talks between Turkish Trade Minister Ömer Bolat and Singaporean Minister Grace Fu.
The committee is intended to support regular ministerial discussions and cooperation in areas including trade, investment, digital economy, green transition, energy, logistics and finance.
Bilateral trade reached $1.1 billion in 2025, and Turkey forecast it could rise to $1.3 billion to $1.4 billion by the end of 2026.
- Who
- Turkey and Singapore, represented by Trade Minister Ömer Bolat and Minister Grace Fu.
- What
- They signed a declaration establishing a Joint Economic and Trade Committee.
- When
- November 14, 2026.
- Where
- At Odakule in Istanbul, Turkey.
- Why
- To strengthen economic relations and expand cooperation in trade, investment and other areas.
This story does not have two clearly opposing sides.
Turkey and Singapore signed their Free Trade Agreement.
Trade between the two countries reached $1.1 billion.
Bolat and Fu signed the declaration establishing JETCO in Istanbul.
Bolat said Turkey planned to hold JETCO’s first meeting.
- 2025 bilateral trade
- $1.1 billion
- 2026 trade forecast
- $1.3 billion to $1.4 billion
- Singaporean direct investment stock in Turkey
- $2.7 billion
- JETCO signatories
- Ömer Bolat and Grace Fu
- JETCO first meeting
- Planned for 2027
What people are saying
This mechanism will enable ministers and their teams to meet more frequently, review relations and expand cooperation through new projects.
The total trade volume is expected to rise to 1.3-1.4 billion dollars by the end of this year.