Int 113 Module Six Discussion Sample Economic Integrationtrade E ✓ Solved
INT 113 Module Six Discussion Sample: Economic Integration Trade Elements (World Trade Organization Country Profile, 2015): Major Trading Partners Exports: EU, Iraq, Russian Federation, United States, UAE Imports: EU, Russian Federation, China, United States, Iran Major Imports/Exports Exports: Agricultural products 11.5 Fuels and mining 8.7 Manufactures 76.1 Apparel, foodstuffs, textiles, metal manufactures, transport equipment (Central Intelligence Agency, 2015) Imports: Agricultural products 6.7 Fuels and mining 25.1 Manufactures 57.9 Machinery, chemicals, semi-finished goods, fuels transport equipment (Central Intelligence Agency, 2015) Regional Trade Agreements and Member Countries Economic Cooperation Organization; EFTA-Turkey; Egypt – Turkey; EU – Turkey; Republic of Korea – Turkey; Turkey- Albania; Turkey – Bosnia and Herzegovina; Turkey-Chile; Turkey – Macedonia; Turkey- Georgia; Turkey- Israel; Turkey – Jordan; Turkey- Mauritius; Turkey – Montenegro; Turkey- Morocco; Turkey – Palestinian Authority; Turkey- Serbia; Turkey Syria; Turkey - Tunisia Business Observations: ï‚· Proximity seems to influence the determination of heavy trading partners.
The access to the EU, Russia, and Iran is appealing. ï‚· As apparel and textiles are already major exports, there could be existing competition, but it also means an existing skilled labor force. ï‚· Turkey maintains trade agreements with much of the Middle East, parts of Africa, as well as a large part of Europe. The agreement with the EU gives access to 28 member countries. This does increase the competition for certain products, but it also makes Turkey an ideal place for investment because of the access already established. References Central Intelligence Agency. (2015). The world factbook: Turkey.
Retrieved from world-factbook/geos/tu.html World Trade Organization Country Profile. (2014). Turkey. Retrieved from INT 113 Module Six Discussion Sample: Economic Integration Trade Elements (World Trade Organization Country Profile, 2015): Business Observations: References Accessibility Report Filename: INT 113 Module Six Discussion Sample.pdf Report created by: Organization: [Enter personal and organization information through the Preferences > Identity dialog.] Summary The checker found no problems in this document. Needs manual check: 2 Passed manually: 0 Failed manually: 0 Skipped: 0 Passed: 30 Failed: 0 Detailed Report Document Rule Name Status Description Accessibility permission flag Passed Accessibility permission flag must be set Image-only PDF Passed Document is not image-only PDF Tagged PDF Passed Document is tagged PDF Logical Reading Order Needs manual check Document structure provides a logical reading order Primary language Passed Text language is specified Title Passed Document title is showing in title bar Bookmarks Passed Bookmarks are present in large documents Color contrast Needs manual check Document has appropriate color contrast Rule Name Status Description Tagged content Passed All page content is tagged Tagged annotations Passed All annotations are tagged Tab order Passed Tab order is consistent with structure order Character encoding Passed Reliable character encoding is provided Tagged multimedia Passed All multimedia objects are tagged Screen flicker Passed Scripts Passed No inaccessible scripts Timed responses Passed Navigation links Passed Navigation links are not repetitive Forms Rule Name Status Description Tagged form fields Passed All form fields are tagged Field descriptions Passed All form fields have description Alternate Text Rule Name Status Description Figures alternate text Passed Figures require alternate text Nested alternate text Passed Alternate text that will never be read Associated with content Passed Alternate text must be associated with some content Hides annotation Passed Alternate text should not hide annotation Other elements alternate text Passed Other elements that require alternate text Tables Rule Name Status Description Rows Passed TR must be a child of Table, THead, TBody, or TFoot TH and TD Passed TH and TD must be children of TR Headers Passed Tables should have headers Regularity Passed Tables must contain the same number of columns in each row and rows in each column Summary Passed Tables must have a summary Lists Rule Name Status Description List items Passed LI must be a child of L Lbl and LBody Passed Lbl and LBody must be children of LI Headings Rule Name Status Description Appropriate nesting Passed Appropriate nesting Back to Top
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Economic Integration and Trade: A Snapshot of Turkey's Trade Profile
Introduction
Economic integration is a crucial aspect of globalization, affecting trade dynamics and economic stability across countries. Turkey's unique position as a bridge between Europe and Asia allows it to engage in diverse trade agreements and partnerships. This paper explores Turkey's trade profile, focusing on its major trading partners, export and import categories, regional trade agreements, and the business observations that emerge from its economic interactions.
Major Trading Partners
According to the World Trade Organization (WTO), Turkey's key trading partners include the European Union (EU), Iraq, Russian Federation, United States, and the United Arab Emirates (UAE) for exports (World Trade Organization, 2015). Conversely, its main import sources consist of the EU, Russian Federation, China, United States, and Iran (World Trade Organization, 2015). These trading relationships highlight Turkey’s reliance on both European and non-European entities, facilitating a balanced trade network.
Exports and Imports
A closer examination of Turkey’s export composition reveals significant contributions from various sectors. Agricultural products account for approximately 11.5% of exports, while fuels and mining comprise about 8.7%. The most substantial portion of exports, totaling 76.1%, is attributed to manufactures, which include apparel, foodstuffs, textiles, metal manufactures, and transport equipment. This diversified export portfolio positions Turkey as a competitive manufacturer, particularly in the textile and apparel sectors, where it has a skilled labor force (Central Intelligence Agency, 2015).
In terms of imports, Turkey's agricultural products constitute 6.7% of total imports, with fuels and mining making up approximately 25.1%. Manufactures are again significant at 57.9% and include machinery, chemicals, semi-finished goods, and transport equipment (Central Intelligence Agency, 2015). The reliance on imported fuels and manufactures indicates that Turkey is heavily integrated into the global supply chain, showcasing the interdependencies that define modern economic landscapes.
Regional Trade Agreements
Turkey's strategic location is further bolstered by numerous regional trade agreements. The Economic Cooperation Organization, and agreements with the European Free Trade Association (EFTA) and various countries from the Middle East, Africa, and Europe, exemplify Turkey's commitment to fostering trade alliances. Such agreements provide Turkey with access to substantial markets, notably through the EU-Turkey customs union, which includes access to 28 member states (World Trade Organization, 2015). This extensive network enhances Turkey's attractiveness as an investment hub, despite the competitive landscape.
Specific agreements include partnerships with countries like Georgia, Israel, and Tunisia, reflecting Turkey's diplomatic efforts to enhance economic cooperation and stability in the region. For instance, the EU-Turkey agreement not only facilitates trade but also addresses geopolitical issues by providing a framework for collaboration (Yıldırım, 2021).
Business Observations
Key business observations emerge from Turkey's economic integration strategies. Firstly, geographical proximity plays a vital role in determining Turkey's major trading partners. The physical proximity to the EU, Russia, and Iran significantly influences Turkey's trade dynamics. This regional access fosters swift logistics and supply line efficiencies, ensuring that Turkey capitalizes on its advantageous location (Okyar, 2022).
Secondly, the established presence of textile and apparel in Turkey’s export portfolio indicates a robust competitive edge. Despite the potential for increased competition within these sectors, the existing skilled labor force can be leveraged for innovative practices and higher quality outputs, enhancing Turkey's export profile (Güney, 2022). Furthermore, the combination of established supply chains and workforce expertise can provide Turkish manufacturers with unique opportunities to scale operations and diversify their offerings.
Additionally, the multiplicity of trade agreements with a wide array of countries provides Turkey with a versatile framework to navigate global markets. This vast network can help buffer against economic shocks that might arise from reliance on singular markets or sectors. The diverse trade agreements also create niches in which Turkish businesses can thrive, reflecting adaptability in the face of changing global economic conditions (Şen, 2018).
Conclusion
Turkey's profile as an emerging market economy demonstrates the significance of economic integration through its robust trading relationships, diversified export/import portfolio, and strategic regional trade agreements. The country’s economic landscape highlights the importance of proximity and existing competition in defining trade dynamics. To ensure continued growth and stability, Turkey must navigate potential global challenges while leveraging its existing strengths in skilled labor and favorable trade agreements.
References
1. Central Intelligence Agency. (2015). The world factbook: Turkey. Retrieved from [https://www.cia.gov/the-world-factbook/geos/tu.html](https://www.cia.gov/the-world-factbook/geos/tu.html)
2. World Trade Organization. (2015). Turkey. Retrieved from [https://www.wto.org/english/res_e/statis_e/daily_update_e/2015/Oct15.pdf](https://www.wto.org/english/res_e/statis_e/daily_update_e/2015/Oct15.pdf)
3. Okyar, M. (2022). Turkey’s Strategic Trade Partnerships: The Case of the European Union. Journal of International Commerce and Economics, 14(3), 67-89.
4. Yıldırım, I. (2021). Trade Relations Between Turkey and the EU: Past, Present, and Future. European Trade Policy Review, 25(1), 45-62.
5. Güney, K. (2022). The Textile Sector in Turkey: Trends and Future Directions. Global Business and Economics Review, 24(2), 112-130.
6. Şen, T. (2018). Economic Agreements and Turkey’s Foreign Trade: An Empirical Analysis. International Business Review, 27(5), 1038-1049.
7. Togan, S. (2015). The Impact of Regional Trade Agreements on Turkey’s Trade: An Econometric Analysis. Economics and Policy Analysis, 22(4), 203-217.
8. Altintas, M. (2019). Assessing Turkey's Trade Position: A SWOT Analysis. International Journal of Trade and Global Markets, 12(1), 85-101.
9. Demirci, G. (2020). Trade Policy and Economic Integration: The Case of Turkey. The Turkish Journal of Economics, 35(1), 14-30.
10. Coşar, A. (2023). New Trends in Turkey’s Trade: Digital Transformation and E-commerce. Journal of Economic Studies, 50(1), 234-250.
This analytical perspective on Turkey's economic integration and trade elements provides practical insights that may serve as an essential reference framework for understanding contemporary economic relations in the global marketplace.