According to a report by Bloomberg, Turkey has responded to Israeli attacks in the Gaza Strip by halting all trade with Israel. This move comes as tensions between the two countries continue to escalate, with Israel previously imposing export restrictions on certain goods in trade with Turkey. In response to the decision, Israeli Foreign Minister Israel Katz expressed anger, accusing Turkish President Recep Tayyip Erdogan of breaking agreements by blocking ports for Israeli imports and exports.
This move is significant as it will have a significant impact on both countries’ economies. The trade between Israel and Turkey was valued at $6.8 billion in 2023, with the majority being Turkish exports. However, this decision will now affect the livelihoods of many businesses and people in both countries.
Erdogan has been a vocal critic of the Israeli military operation in Gaza, accusing Israel of committing genocide against the Palestinians. In response, Katz criticized Erdogan for disregarding the interests of the Turkish people and business people and for ignoring international trade agreements.
Israel plans to create alternative trade options by focusing on local production and imports from other countries. However, this may take time as they establish new partnerships and find new markets for their goods.
Additionally, Turkey announced its intention to join South Africa’s genocide lawsuit against Israel. This legal action stems from allegations of genocide committed during the Gaza war, which Israel denies, citing the right to self-defense against attacks by Hamas and other extremist organizations. This could lead to further tensions between the two countries as they face each other in court proceedings.
Despite ongoing tensions, Israel remains committed to strengthening its economy and finding new trade partners. The situation continues to evolve as both countries take measures to assert their positions on the conflict in Gaza.