TRADE WITH TURKEY

Otago Daily Times, Issue 22985, 14 September 1936, Page 9

TRADE WITH TURKEY

NEW AGREEMENT WITH UNITED KINGDOM IMPROVING SYSTEM OF DEBT PAYMENTS (British Official Wireless) (United Press Association) (By* Electric Telegraph—Copyright) RUGBY, Sept. 11. 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 Anglo-Turkish trade in future on a full clearing basis of sums received by the 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. The effect of the new agreement should be materially to reduce the delays in payment which at present are experienced by United Kingdom traders, as is shown by the fact that over £1,000,000 was blocked in Turkey, awaiting payment to United Kingdom creditors at the end of August. TURKISH DELEGATION VISIT TO LONDON I ANGORA, Sept. 11. A strong delegation, headed by Ismet Pasha, is going to London early in October to discuss AngloTurkish collaboration in response to the King’s invitation. It will include the Foreign Minister, the chief of the Turkish General Staff, and representatives of the Navy and Air Force.