Turkey suspends trade with Israel until ceasefire
Turkey says it will not resume $7 billion a year in trade with Israel until a permanent ceasefire and humanitarian aid are secured in the Gaza Strip.
Turkey's tough move
According to Reuters news agency, on May 3, Turkish Trade Minister Omer Bolat claimed that Israel's "zero tolerance" and the worsening situation in the Rafah region of the Gaza Strip prompted Ankara to decide to stop all imports and exports with Tel Aviv
Last month, Turkey restricted exports of 54 types of products including steel, fertilizer and jet fuel, accusing Israel of refusing to allow it to participate in operations to drop air aid to Gaza
The new ban covers all remaining trade, worth $5.4 billion of Turkish exports and $1.6 billion of Turkish imports (in 2023). According to trade data, in 2023, Turkey's main exports to Israel are steel, vehicles, plastics, electrical equipment and machinery. While imports were mainly fuel worth $634 million.
JP Morgan said the trade pause could slightly increase price pressures on goods in Israel in the short term. The four Turkish exporters said orders would have to find a way to reach Israel through a third country.
Reaction of the parties
Israeli Foreign Minister Israel Katz immediately criticized Turkey's move, calling it "breaking international trade agreements" and "the behavior of a dictator." Hamas, meanwhile, described Ankara's decision as "brave" and showed "support for Palestinian rights."
Turkey has become Israel's first important trading partner to take this tough step, Reuters reported.
Turkey has been one of the countries that strongly condemned Israel's military campaign in the Gaza Strip and has sent tons of aid to the strip. Ankara also announced its readiness to join the lawsuit alleging Israeli genocide filed by South Africa at the International Court of Justice (ICJ).
Halting trade is also Ankara's toughest step to date.
Turkish President Tayyip Erdogan has faced growing calls for more concrete actions on the Israel-Hamas conflict. "Turkey cannot sit idly by in the face of Israel's bombardment of defenseless Palestinians," Erdogan said on May 3.
He also vowed to "coordinate and dialogue" with local businessmen to resolve issues arising from the decision to suspend trade with Israel. At the same time, Erdogan believes Ankara will set an example for countries that are also uncomfortable with the current situation in Gaza.
"We have a single goal here: to force the government of (Israeli Prime Minister Benjamin) Netanyahu, which has spiraled out of control with unconditional Western diplomatic and military support, into a ceasefire," he stressed. Israel insists it is targeting Hamas in the Gaza Strip, denying all allegations of genocide and violations of humanitarian law in the strip.
