Dr Kigoda identified the area as trade cooperation which
aims at strengthening the five-year bilateral trade agreement signed in 2005
and renewed in 2010.
“The renewed trade agreement is expected to enhance the
trade and investment cooperation,” said Dr Kigoda.
The agreement will also push
up trade volumes between the two parties, given the fact that Tanzania exports
dropped from Sh2, 930 million in 2005 to Sh1, 906 million in 2011, while
imports from Turkey grew from Sh9, 454 million in 2005 to Sh194, 920 million in
2011.
Tanzania exports include agricultural semi-processed
products while imports from Turkey are high value industrial
products.
“Investment is needed to add value to our agricultural products,”
stressed Dr Kigoda.
There would also be formed a joint business council mandated
to explore trade opportunities in both countries and share the information to
relevant parties.
At the same time, Turkey proposed the establishment of a
free trade area (FTA) with the East African Community.
“The government of Tanzania will consult the EAC member
states on the proposal,” said Dr Kigoda.
The agreement addresses legal issues such as assuring
protection to Turkish investment in the country, double taxation and prevention
of fiscal evasion with respect to taxes on income.
Mr Eker said the agreement
should help increase the volume of trade between the two countries.
Source: The Citizen, www.thecitizen.co.tz, reported by Felix Lazaro and Victor Karega in Dar es Salaam
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