Türkiye and Spain: A Flourishing Partnership Built on Economic Cooperation and Mutual Trust

Strong Diplomatic Ties Pave Way for Economic Growth

The relationship between Türkiye and Spain is characterized by robust economic connections, with Türkiye standing as Spain’s third-largest trading partner outside the EU, following only the United States and Mexico.

Unlike Türkiye’s relations with some other European powers, which have been marked by tensions, the Türkiye-Spain relationship is notably smooth, allowing both nations to focus on constructive engagement and shared interests rather than defensive positioning.

Recent Developments and Economic Achievements

The relationship between the two nations has been described as ‘magnificent’ across all areas, with particular emphasis on economic and commercial cooperation. The foundation of this partnership is built on ‘long-shared projects’ and mutual trust. Notably, Spain emerged as the leading investor in Türkiye according to recent data, with bilateral trade expected to reach €20 billion this year, representing a remarkable 50% increase from 2018.

Strategic Cooperation and Future Prospects

The countries have recently strengthened their ties through several key agreements, including:
– The establishment of a Spanish-Turkish business committee
– Revision of the Reciprocal Protection and Promotion of Investments Agreement
– Enhanced collaboration between COFIDES and the Turkish sovereign wealth fund
– A new agreement between export credit insurance agencies
– A memorandum of understanding for insurance and pension funds cooperation

Looking ahead, there’s a strong focus on expanding into new markets, with Spain helping to facilitate Türkiye’s access to Latin American markets. The partnership is particularly focused on opportunities in digitalization and green energy, with government relations playing a vital role in maintaining this momentum.

Conclusion

Both nations have expressed their commitment to enhancing economic and commercial relations based on mutual benefit. Despite global challenges, there’s a strong determination to further develop trade relations. Türkiye’s strategic geographic position, allowing access to 1.3 billion people within a few hours’ flight from Istanbul, combined with an innovative approach to partnerships, presents significant opportunities for both countries.