Turkey’s exports to the four full members of MERCOSUR constituted two thirds of its total exports to South America in 2010. Turkey’s exports to MERCOSUR countries increased by 83 % in 2010 and reached a volume of 1.2 billion USD. Turkey’s imports from MERCOSUR countries were also on rise in 2010, they increased by 27 % and reached the level of 2.9 billion USD.
An MOU establishing the Turkey-MERCOSUR Political Consultation and Cooperation mechanism was signed on 16 December 2010. Political consultation meetings between Turkey and MERCOSUR are foreseen within this framework.
Meetings in relation to the signing of a Free Trade Agreement between Turkey and MERCOSUR were held in Buenos Aires on 22 April 2008. The Turkey-MERCOSUR Framework Agreement was signed on 1 July 2008. Turkey hosted two meetings in relation to the negotiation process.