Türkiye trade minister eyes $50B US, $30B Saudi trade at G20

Türkiye's Trade Minister Ömer Bolat held high-level talks with counterparts from the United States, Saudi Arabia, Canada and the European Union on the sidelines of the G20 Trade Ministers' Meeting in Milwaukee, outlining ambitious trade targets and reviewing ongoing free trade negotiations, according to statements posted on social media.

US and Saudi trade targets

Meeting US Trade Representative Jamieson Greer, Bolat discussed eliminating barriers to reach a $50 billion bilateral trade volume by 2028 — up from an expected $42 billion to $43 billion this year — with officials also exploring cooperation in energy, defense and the digital economy. In separate talks with Saudi Commerce Minister Majid al-Qasabi, the minister outlined plans to increase trade to $10 billion in the short term and $30 billion in the long term. Bolat noted that bilateral trade with Saudi Arabia totaled $8.6 billion in 2025 and reached $6 billion in the first eight months of 2026, adding that both sides welcomed progress in Türkiye-Gulf Cooperation Council free trade negotiations.

Canada free trade progress

Bolat and Canadian International Trade Minister Maninder Sidhu reviewed bilateral trade currently standing at around $4.5 billion, alongside opportunities in energy, defense, transport, the green economy and digital transformation. They reaffirmed plans to complete exploratory free trade agreement discussions by the end of October, with Bolat stating that the partnership entered a new phase following the launch of comprehensive negotiations after the countries' leaders met at the NATO summit in Ankara in July.

EU economic integration

Meeting European Commissioner for Trade and Economic Security Maros Sefcovic, Bolat conveyed Ankara's expectations regarding the draft Industrial Accelerator Act and underscored the importance of preserving deep economic integration with the bloc. Ahead of the Oct. 13 Türkiye-EU High-Level Trade Dialogue in Brussels, the ministers discussed e-commerce, public procurement and measures to protect Turkish exporters' market share under new EU steel regulations.