The agreement, which was signed in Madrid by Spanish Prime Minister Pedro Sanchez and Turkish President Recep Tayyip Erdogan, marks a significant milestone in the countries' relations.
Economic Benefits
The new trade agreement is expected to benefit both countries, with Spain set to increase its exports to Turkey by 15% and Turkey expected to see a 10% increase in its exports to Spain.
The agreement also includes provisions for increased investment in areas such as renewable energy and infrastructure development.
Cooperation in Key Sectors
The agreement includes provisions for increased cooperation in key sectors such as tourism and education.
Spanish and Turkish companies will be able to invest in each other's countries, with a focus on developing joint projects in areas such as hospitality and tourism.
The agreement also includes provisions for the development of joint educational programs, with a focus on promoting cultural exchange and understanding between the two nations.
Implementation and Timeline
The agreement will come into effect in January 2024, with a phased implementation process set to last for 12 months.
During this time, Spanish and Turkish officials will work together to establish the necessary infrastructure and procedures for the agreement to be fully implemented.
The agreement is expected to be reviewed and updated every two years, with a focus on identifying new areas for cooperation and growth.
The new trade agreement is a significant development in the countries' relations and is expected to have a positive impact on the economies of both Spain and Turkey.