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The Pace and the Pattern of Somalia’s Trade Relations with Turkey

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The Pace and the Pattern of Somalia’s T rade Relations with Turkey Introduction Geography plays a crucial role in international trade and so that the distance between trading partner countries matters a lot. Meaning that the bigger the distance between countries, the lesser the trade between them (David, H., Dorn, D., & Hanson, G. H. 2013) .  Turkey and Somalia are not geographically close to each other and the fact that Somalia has never been stable for a long period of time resulted in that the two nations to had almost zero or relatively too small trade relations in the past. But, ironically, for the last decade, the two nations have become trading partners and close allies, in some regards. The relations started when Turkey responded to the devastating droughts in Somalia with the necessary humanitarian assistance [1] in 2011 (Slim, H. 2012) . The prime minister of Turkey then, but now the president, paid a historic visit to Mogadishu, at that time of humanitarian ...

Chinese aim for Somalia’s Shores

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Fishing is one of the most highly profitable sectors across the globe; globally, the tuna industry alone is worth about $10 billion. Surveys of Somali waters indicate that there are extensive fish stocks off Somalia’s coast—this coast is in fact considered to be one of the richest fishing grounds in the region. Many valuable species live in the waters off the coast of Somalia as the data by the (Sea Around Us Project), which analysis and studies the effect of fisheries on marine ecosystems around the world. The Horn of Africa country with the longest Africa’s longest coastline invited China to its shores and gave fishing license in late December 2018. Somalia arranged a fishing license for up to 31 vessels of China to exploit tuna and other species off its coast to tap the sector for economic growth as the Somali authorities claim. The vessels are related to the China Overseas Fisheries Association, a distant-water trawling group created in 2012 to promote the East...

Somalia’s Return to COMESA: More Harm than Good

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The Common Market for Eastern and Southern Africa (COMESA) is a free trade zone with twenty-one member states, extending from Tunisia to Swaziland. COMESA was formed in 1994, replacing a Preferential Trade bloc which had existed since 1981. COMESA has now 21 member states, namely: Burundi, Comoros, Democratic Republic of Congo (DRC), Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Somalia, Sudan, Swaziland, Tunisia, Uganda, Zambia, and Zimbabwe. COMESA is Africa’s largest economic community with a total population of more than 454 million and an estimated GDP of about US$ 496 billion. The mission of COMESA is to eliminate all barriers of trade between member states, apply the same customs duties to countries outside the bloc, and also promote free labor movement within member states. In June 2018 the applications of Tunisia and Somalia to become members of COMESA were accepted after a long time in which the two countries were pu...

Turkey’s June 24 Elections and the Reaction of the Oppressed Muslim World

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On June 24, Mr. President Erdoğan, the man who always speaks and stands for the rights of those marginalized, oppressed and wronged societies around the world as many people believe, won the toughest and most challenging presidential election in the history of the Republic of Turkey as some political analysts describe it. More than 70 percent of the people of the Republic of Turkey voted. That was the largest number of Turkish people voting for presidential elections ever in the history of Turkey. It is worth mentioning that the Republic of Turkey transformed from parliamentary to an executive presidential system of government. On June 24, all poor and oppressed Muslims around the world were keeping a close eye and following any developments about the presidential elections in Turkey. From Somalis to the people of Palestine, the Rohingya Muslim minorities in Myanmar to the devastated Syrian people by the ruthless Assad and many more other oppressed Muslims around the world in...

The Fastest Growing Economy in the G20 and the Continued Depreciation of the Turkish Lira: Causes, Effects and Solutions

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The Fastest Growing Economy in the G20 and the Continued Depreciation of the Turkish Lira: Causes, Effects and Solutions One of the modern and contemporary ways to measure the performance of an economy of a country is to look at the value of its local currency against the dollar. Globalization spread all across the world and the competition of currencies have been witnessed.   So exchange rates are crucial when talking about the overall health of the economy of a specific country. Before we explain the issue of the depreciation of the Turkish Lira in detail, we must know that there are three major types of exchange rate policies implemented by different countries all across the globe. These types of exchange rate regimes are: 1- Freely floating exchange rate regime, 2- managed floating exchange rate regime and 3- fixed exchange rate regime. The first one, freely flouting exchange regime, is determined by the market, meaning that the  interactions of the  ...