- Turkey is seeking to forge closer ties with ASEAN and Asia through its Asia Anew initiative which was launched in late 2019.
- The Turkish government is keen to point that the Asia Anew initiative does not constitute an axis shift in its foreign policy, but a way to diversify its economic partnerships.
Turkey is seeking to enhance ties with ASEAN and the Asia Pacific region to potentially help revive its economy, plagued by prolonged high inflation, widening deficits, as well as the pandemic.
The Turkish lira lost 20 percent of its value in 2020 alone and the country’s trade deficit widened to US$49.9 billion last year. Furthermore, Turkey’s largest investors, the EU and US, have imposed sanctions on the country, due to its assertive…