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Türkiye and Singapore signed a protocol establishing a Joint Economic and Trade Committee (JETCO) on Saturday. The agreement creates a regular ministerial channel for steering trade, investment and other economic cooperation between the two countries.
Trade Minister Omer Bolat and Singapore’s Minister for Sustainability, Environment and Trade, Grace Fu, signed the document at a ceremony at Odakule in Istanbul. It followed the first JETCO meeting and talks between the two delegations.
Bolat said the protocol would carry bilateral relations “to further points.” He described JETCO meetings as an important instrument that lets ministers and senior officials meet more often, review the relationship and expand it with new projects and programs.
Bolat said the two sides had set up a regular consultation mechanism at ministerial level covering trade, investment, the digital economy, green transformation, energy, logistics and finance. He said it would allow the two governments to handle the economic agenda more systematically and follow up on agreed matters more closely. He added that the aim is to turn new areas of cooperation into concrete projects.
Plans are also in place to widen the format. Bolat said next year’s JETCO meeting is intended to include strong participation from business people, not only official delegations. The two sides also agreed to hold business forums and roundtable meetings alongside the JETCO sessions, which Bolat said could help build new partnerships between companies in both countries.
Bolat said bilateral trade reached $1.1 billion in 2025 and is expected to rise to between $1.3 billion and $1.4 billion by the end of this year. He said the stock of Singaporean direct investment in Türkiye stands at $2.7 billion and that Singapore’s investments in Türkiye have grown by 90 percent since 2020.
Even so, he argued that current trade volumes fall short of the relationship’s potential given the size of the two economies. “Singapore is a very important finance, trade and logistics hub in Southeast Asia,” Bolat said, adding that Türkiye is “a strong production and export base” with access to European, Middle Eastern, Central Asian and African markets. He said the two countries’ complementary strengths hold significant opportunities, including joint projects in third countries.
Singapore is a city-state that has long served as a regional center for finance, shipping and trade. The two countries signed a free trade agreement on Nov. 14, 2015, and both ministers noted that the protocol was signed on the 11th anniversary of that deal. Bolat called the timing “a very nice coincidence.”
Fu said Singaporean companies showed close interest in Türkiye after the free trade agreement took effect. She said they have “very strong capabilities” in logistics, port operations, food processing, energy, renewable energy and financial services, and are keen to work in those fields.
She singled out renewable energy as an area of major potential and need in Türkiye, Singapore and Southeast Asia. Given the capabilities of Turkish firms in the sector, she said, there are cooperation and investment opportunities in Singapore.
Fu said talks on the protocol began when the proposal was first made and were completed in about six to seven months, which she called significant progress. She said the JETCO process, by bringing ministers and business people together, would help sustain the momentum in trade and investment.
Bolat named green transformation as another priority area. He said Türkiye wants to draw on Singapore’s experience and increase the exchange of knowledge and expertise. He also noted that both ministers will be in Antalya for the COP31 climate conference. Fu was to travel to Mersin on Saturday before heading to Antalya, and Bolat said this added value to the dialogue.
Bolat also thanked the Singaporean government for its constructive approach after ASEAN members decided in July 2026 to make Türkiye the 12th dialogue partner of the Association of Southeast Asian Nations. He said the decision opened a new era in relations between Türkiye and countries in the region.
Fu thanked Türkiye for hosting COP31 and for the smooth running of its program.
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