Diplomatic relations between the Republic of Türkiye and Oriental Republic of Uruguay were established in 1933, based on the Treaty of Friendship signed in Rome in 1929. A Visa Exemption Agreement between two countries was signed in 1996. The Agreement on Economic and Commercial Cooperation and Agreement on Friendship and Cooperation between Türkiye and Uruguay were signed in 2009 and entered into force in 2011.
Due to geographical distance, bilateral relations remained limited for many years. However, with the momentum gained through Türkiye’s outreach policy towards Latin America and the Caribbean, and in light of growing commercial ties, the Turkish Embassy in Montevideo was officially opened in March 2021. During the official visit of former Uruguayan Foreign Minister H.E. Mr. Francisco Bustillo to Türkiye between 21-24 August 2021, a number of bilateral agreements were signed. Subsequently, on 23 April 2022, the first-ever official visit from Türkiye to Uruguay at the level of Foreign Minister took place, during which a Reference Document was signed concerning the Agreement on the Reciprocal Promotion and Protection of Investments and exploratory talks on a Free Trade Agreement.
Uruguay opened a Consulate General in Istanbul in late 2018 and inaugurated its Embassy in Ankara in November 2022.
In 2024, the 91st anniversary of the establishment of diplomatic relations between Türkiye and Uruguay was commemorated.
The IV. Political Consultations between Türkiye and Uruguay was held in Montevideo in February 2024.
Economy of Uruguay
GDP (2024): USD 79.715 billion
GDP per capita (2024): USD 23.173
GDP Growth Rate (2024): %3,1
Inflation (2024): %5,45
Unemployment (2024): %7,2
Exports (2024): USD 12,8 billion
Imports (2024): USD 10,9 billion
Bilateral Trade Volume with Türkiye (2024): USD 516,821 million
Turkish Exports to Uruguay (2024): USD 135,773 million
Turkish Imports from Uruguay (2024): USD 381,019 million
Despite being South America’s second-smallest country by territory, Uruguay benefits from fertile agricultural lands and a well-educated workforce, fostering a robust export-driven agricultural sector. With a well-functioning market economy, it also demonstrates high social spending and solid development indicators.
Uruguay is a founding member of MERCOSUR, with its main trade partners being China, the European Union, Brazil, Argentina and the United States. With a GDP of approximately 80 billion USD, Uruguay has a relatively small economy; however, it is considered the least affected MERCOSUR member by the global economic crises.
Nevertheless, Uruguay’s economic growth has shown a declining trend since 2016, largely due to the economic difficulties faced by its neighbors, Argentina and Brazil. In 2019, the country recorded only 0.4% growth, and in 2020, amid impact of the COVID-19 pandemic, the economy contracted by 5.7%.
Uruguay experienced a recovery in 2021, with a growth rate of 4.4%, followed by 5.4% growth in 2022.
Annual inflation was recorded at 8.4% in 2022, 5.87% in 2023 and 5.45% in 2024. The unemployment rate, which stood at 7.9% in 2022, rose to 8.4% in 2023 and 7.2% in 2024.
In terms of economic growth, the primary objective of the Uruguayan government is twofold: to attract foreign investment by enhancing domestic logistics and infrastructure, and to achieve the highest possible level of integration with global markets.
Uruguay’s main export items include live cattle and beef (carcass), paper and cellulose products, soybeans and rice. On the other hand, the country’s primary imports consist of fast-moving consumer goods, agricultural machinery, mobile phones, plastics, textiles, clothing, pharmaceuticals, as well as automobiles and automotive spare parts.