ITO President Avdagiç Assesses 'Export Circular'

Istanbul Chamber of Commerce President Avdagiç Assesses Export Circular ISTANBUL (AA) - Istanbul Chamber of Commerce (İTO) President Şekib Avdagiç issued a written statement regarding the export circular. Avdagiç stated: "The number of countries exempted under the current circular, which stipulates that export proceeds must be repatriated within 180 days from the actual export date, has been increased to 29. This will facilitate our exporters' operational processes. We believe that this scope will be further expanded in the coming period." Drawing attention to the fact that the Central Bank of the Republic of Turkey Export Circular has been updated as a result of work conducted at the Ministry of Trade and the Ministry of Treasury and Finance, Avdagiç noted that they value every measure that reduces the bureaucratic burden on exporters during a period when great emphasis has been placed on exports following the pandemic. Avdagiç recalled that previously, exemptions from repatriation of proceeds were granted for export transactions to Iran, Syria and Lebanon, and noted that with the updated circular, the number of countries granted exemption has increased from 3 countries to 29 countries. Avdagiç stated: "In other words, for exports to the 29 countries now included in the circular, the 180-day restriction will no longer apply. We view this new regulation as a very important step in the context of fulfilling exporters' long-standing expectations. Thus, such regulations implemented during a period when we are expanding our targets in global trade strengthen our exporters' position." Avdagiç recalled that exports against advance payment must be conducted within 24 months and noted that the new circular grants an additional period of up to one year on this matter as well.