Türkiye-US relations ‘on verge of new leap forward’: Turkish trade minister

The relations between Türkiye and the US are “on the verge of a leap forward” as the two countries continue the efforts to “translate the positive atmosphere between the two into more investments and exports,” the Turkish trade minister told Anadolu.

Omer Bolat, while accompanying Turkish President Recep Tayyip Erdogan, said Turkish and American business representatives and financiers held meetings on the sidelines of the UN General Assembly in New York.

Turkish and American business world representatives discussed the Türkiye-US trade relations and mutual investments, tourism, energy, and other issues.

“There was a very positive atmosphere here,” he said. “They, (the American interlocutors) praised our reforms in Türkiye, as well as the stability and the growth trend we reached in the Turkish economy — almost all of them expressed plans to expand investments.”

Bolat stated Türkiye’s gross domestic product (GDP) and foreign trade growth over the past 22 years have turned the country into a reliable supply, investment, logistics, and production hub. “Foreign investors are making efforts to do business in Türkiye and to expand and grow their other businesses in the Eurasia region with Türkiye as their center,” he said.

The minister noted that “a significant breakthrough” in the Türkiye-US relations may be on the horizon in the near future, having attended key business meetings.

He mentioned that the trade between Türkiye and the US exceeded $35 billion last year, which is expected to rise as high as $40 billion this year.

“We continue to discuss protecting Türkiye’s rights and interests, especially maintaining an advantageous position against competing countries, within the framework of the US’ recent trade policy,” said Bolat.

Bolat highlighted that Türkiye was imposed lower reciprocal tariffs by the US on April 2 compared to competitors, while Türkiye kept in close contact with the US Department of Commerce and the Trade Representative in the face of tariff increases and protectionist trade.

He recalled that the US had imposed steel and aluminum tariffs on Türkiye in 2018 and Türkiye imposed additional financial obligations on the US in return. He said certain steps were taken to facilitate trade between the two countries to increase market access opportunities.

The minister announced that the US’ additional financial obligations on 21 product groups were lifted on Monday. “We’re also in talks to clearly convey our expectations,” he said.

“We’re discussing regulations on market access facilitation in negotiations to achieve the $100 billion trade volume target set by the leaders of the two countries,” he added.

Bolat stated that the Türkiye-US relations are in a “very good period” in politics, diplomacy, defense, energy, trade, investment, and tourism, noting that the US is the second-largest foreign investor in Türkiye and the second-largest exporter to the country.

“Firms in both countries know each other, while more than 2,000 American companies have been investing, manufacturing, trading, and doing financial activities in Türkiye for many years, which create hundreds of thousands of jobs,” he said.

“A rise in these figures will contribute to the Turkish economy’s growth and the standard of living in Türkiye — all our efforts are directed at ensuring the welfare and the development of our country, and since foreign trade plays a key role in this goal, the US is a very important partner for Türkiye as the world’s largest importer,” he added.