World

Following Trade Suspension, Israel Announces Countermeasures Against Turkey

The Israeli Ministry of Foreign Affairs has announced additional actions against Turkey in response to the latter’s decision to suspend all trade with Israel due to non-stop violence against Palestinians in the Gaza Strip.

In a statement, the Ministry stated that in a discussion carried out by senior officials from the Foreign and Economy ministries, as well as the Israel Tax Authority, it was decided to work towards reducing any economic connection between Turkey and the West Bank and Gaza.

Furthermore, it was decided to take action in international economic forums to examine sanctions against Turkey for violating trade agreements, to create an alternative list for the Israeli economy across numerous sectors and products, and to assist affected Israeli export sectors.

It stated that Turkey is the Palestinian Authority’s largest importer.

According to Israel’s Central Bureau of Statistics, Israeli exports to Turkey amounted to $1.57 billion in 2023, with Israeli imports totaling $4.61 billion.

“Meanwhile, Israel has filed a complaint with the Organisation for Economic Cooperation and Development (OECD) against Turkey over its decision to restrict trade”, said Nir Barkat, Israel’s Economy Minister.

Both Turkey and Israel are OECD members.

Also read: Philippines Experiences Earthquake Of Magnitude 6.0

Spriha Rai

Recent Posts

Aam Aadmi Party Kicks Off ‘Revdi Par Charcha’ Campaign Ahead Of Delhi Elections

On Friday, AAP launched its 'Revdi Par Charcha' campaign to engage Delhi residents in the…

39 minutes ago

Canada Denies Allegations Against Indian Leadership; Rejects Criminal Links

The Canadian govt addressed allegations linking Indian leaders to criminal activities, stating there is no…

1 hour ago

Delhi-NCR Faces ‘Very Poor’ Air Quality As Smog Engulfs Region

On Friday morning, Delhi-NCR's air quality was classified as 'very poor,' with a light haze…

2 hours ago

Indian Stock Market Rallies Despite Geopolitical Strains; Buoyed By Strong Domestic Sectors

The Indian stock market displayed resilience, opening on a positive note despite escalating geopolitical tensions…

4 hours ago

Reaffirming Gandhi Ji’s Global Relevance: PM Modi’s International Tributes

Prime Minister Narendra Modi continues to honor Mahatma Gandhi’s ideals beyond India’s borders. During his…

16 hours ago

Delhi High Court Upholds AIMIM’s Recognition As Political Party

'The petitioner’s arguments cannot override the constitutional rights of AIMIM members. This petition has no…

16 hours ago