ANGLO-TURKISH TRADE

Evening Star, Issue 22442, 12 September 1936, Page 15

ANGLO-TURKISH TRADE

NEW AGREEMENT SIGNED BETTER ARRANGEMENTS FOR PAYMENTS (British Official Wireless.) Press Association—By Telegraph—Copyright RUGBY, September 11. (Rereived- September 12, at noon.) On September 2, a new trade and clearing agreement, the text of which was published to-night, was signed between the United Kingdom and Turkey. It comes into force on September 17, and replaces the Trade and Payments agreement signed on June 4, 1936. The articles relating to trade repeat the substance of the corresponding articles of the agreement Of June, 1935, but the effect of the provisions for payment is to place Anglq-Turkish trade in future on a full clearing basis of sums received by tho clearing office, 70 per. cent, to be used for settlement of debts in respect of United Kingdom goods exported to Turkey, and 30 per cent, to be placed at the free disposal of the Central Bank of Turkey. Provision is made for compensation in transactions involving the exchange of certain goods between Turkey and the United Kingdom, and also for the import of certain Turkish goods into the United Kingdom in settlement of outstanding trade debts. Tho effect of the new agreement should bo materially to reduce the' delays in payment which iat present 'are experienced by United Kingdom traders, as is shown by the fact that over £1,000,000 was blocked im Turkey, awaiting payment to United Kingdom creditors at the end of August.