Another of the missions assigned to the man-made multi-kilometer Istanbul Canal is to increase the volume of maritime trade through cooperation in the field of maritime navigation. Including with Panama; this was stated by Deputy Foreign Minister Faruk Kaymakci at a recent meeting of the Foreign Affairs Committee of the National Assembly of Turkey.
For the Republic of Turkey, Panama is an important trading partner, given its significant strategic location in Latin America and a steadily growing economy – the fastest growing in its region over the past decade.
At the moment, the volume of trade between Turkey and Panama is fixed at $300 million.
So, in parallel with the work on the laying of the Istanbul Canal, there are still considerable troubles ahead, but pleasant ones: the settlement of bilateral relations in the field of maritime navigation of both countries, the removal of bureaucratic obstacles, mutual recognition of seafarers' certificates, the creation of some basic legal templates to simplify interaction between states, etc.
Recall that the cost of work on the Istanbul Canal project has increased to $20 billion.