Israel
Israel’s economy: A Banana Republic run by monopolies
Israel increasingly resembles an economy captured by monopolies, where a small circle of powerful interests dominates key sectors and ordinary consumers foot the bill.
Turkey stopped all exports and imports to and from Israel as of Thursday, the Turkish trade ministry said, citing "worsening humanitarian tragedy" in the Palestinian territories.
The two countries had a trade volume of $6.8 billion in 2023 © Mena Today
Turkey stopped all exports and imports to and from Israel as of Thursday, the Turkish trade ministry said, citing "worsening humanitarian tragedy" in the Palestinian territories.
"Export and import transactions related to Israel have been stopped, covering all products," Turkey's trade ministry said in a statement.
"Turkey will strictly and decisively implement these new measures until the Israeli Government allows an uninterrupted and sufficient flow of humanitarian aid to Gaza."
The two countries had a trade volume of $6.8 billion in 2023.
Turkey last month imposed trade restrictions on Israel over what it said was Israel's refusal to allow Ankara to take part in aid air-drop operations for Gaza and its offensive on the enclave.
Earlier on Thursday, Israel's foreign minister said that Turkish President Tayyip Erdogan was breaking agreements by blocking ports for Israeli imports and exports.
"This is how a dictator behaves, disregarding the interests of the Turkish people and businessmen, and ignoring international trade agreements," Israel's Foreign Minister Israel Katz posted on social media platform X.
Katz said he instructed the foreign ministry to work to create alternatives for trade with Turkey, focusing on local production and imports from other countries.
Reporting by Ece Toksabay in Ankara and Ari Rabinovitch in Jerusalem
Israel increasingly resembles an economy captured by monopolies, where a small circle of powerful interests dominates key sectors and ordinary consumers foot the bill.
Israeli Prime Minister Benjamin Netanyahu accused Hamas on Wednesday of violating the Gaza ceasefire agreement after a military officer was wounded by an explosive device in Rafah and Israel vowed retaliation.
Turkish Foreign Minister Hakan Fidan on Wednesday met with Hamas political bureau officials in Ankara to discuss the ceasefire in Gaza and advancing the agreement to its second phase, a Turkish Foreign Ministry source said.
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