ISTANBUL (Mar. 21)
Turkey and Israel signed today a $32,000,000 trade agreement–the largest in the history of their commercial relations. Details were worked out in a four-day meeting in Ankara and provide for 50 percent of payments to be made in hard currency and the balance through clearing arrangements.
Under the agreement, Israel will sell tires, trucks, fertilizers, cotton, nylon and silk yarns, paper, motorcycles and asphalt to Turkey and will receive sugar, cotton, tobacco, hides, oil cakes, raisins and fish.
The agreement which provides for doubling the trade volume between the two countries, is for the current year and will be extended automatically unless canceled or modified. An innovation in this agreement was that the Turkish Government undertook to list in the Official Gazette commodities that could be imported from Israel and to issue the necessary import licenses automatically.