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Turkey Seeks to Increase Trade Volume with EU

Cargo containers on a ship at a port in Qingdao, eastern China. AFP photo
Cargo containers on a ship at a port in Qingdao, eastern China. AFP photo
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Turkey Seeks to Increase Trade Volume with EU

Cargo containers on a ship at a port in Qingdao, eastern China. AFP photo
Cargo containers on a ship at a port in Qingdao, eastern China. AFP photo

Turkey’s Economy Minister Nihat Zeybekci expected an update of the customs union agreement with the European Union to increase trade between the two sides to 200 billion dollars in 18 months.

Zeybekcin said at the Istanbul Financial Summit that the volume of trade between Turkey and EU could reach 500 billion dollars from its current level of 160 billion dollars within five years.

Turkey is a member of the customs union agreement since 1995. But it has faced challenges in updating it because of obstacles set by Germany, which urged the European Commission in July to suspend preparatory work on negotiations with Turkey about modernizing the union.

Germany claimed that Turkey was violating human rights after it arrested 10 activists, including a German national, accusing them of backing terrorist organizations.

Despite Berlin’s opposition to update the customs union agreement, Germany is considered Turkey’s top trade partner.

Trade volume between the two countries reaches 40 billion dollars, and around 8,000 German companies invest in different Turkish economic sectors, according to Zeybekci.

Meanwhile, Lukoil, Russia’s No.2 oil producer, said it would continue working on European projects and would keep its retail net in Turkey.

Lukoil Chief Executive Vagit Alekperov was quoted as saying that the firm plans to keep pumping 100 million tons of oil per year between 2018 and 2027 with projects outside Russia and will keep annual investment at $8 billion-$8.5 billion.

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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.