Turkish Business Representatives Optimistic About $100 Billion Trade Target

Turkish business representatives are confident that strategic energy and trade agreements signed during President Recep Tayyip Erdogan's visit to the White House this week will propel bilateral trade with the U.S. toward the $100 billion target. Following the meeting, business leaders expressed enthusiasm about the potential for increased trade, improved investor confidence, and normalized ties between the two countries. They believe that a free trade agreement would further accelerate progress towards this goal.

Key Takeaways:

• The U.S. ranks as Turkey's second-largest export market after Germany, with bilateral trade hitting around $43 billion last year.
• Turkey achieved a trade surplus with the U.S. in 65 categories last year, with the business community focused on sustaining this through higher exports.
• Business leaders believe that the meeting between President Erdogan and U.S. President Donald Trump will accelerate Turkey-U.S. relations and lead to a trade surplus in more categories.
• The Turkish private sector's efforts will shape how much of the $100 billion goal consists of exports, with the energy and defense deals discussed being evidence of "Turkey's strategic power and capacity in the global arena."
• Mustafa Gultepe, chair of the Turkish Exporters' Assembly (TIM), urged a free trade agreement to be signed between the two countries to accelerate progress towards the $100 billion target.
• Orhan Aydin, chair of the Anatolian Lions Businesspeople Association (ASKON), anticipated gains in trade expansion, technology transfers, energy enhancements, investor sentiment, and beyond.
• Hakan Cinar, head of the Foreign Trade Leaders Association (DISYONDER), believed that the talks will shed light on key developments in strengthening relations and increase the bilateral trade volume target of $100 billion.

Statistics:

• Bilateral trade between Turkey and the U.S. hit around $43 billion last year.
• The U.S. ranks as Turkey's second-largest export market after Germany.
• Turkey achieved a trade surplus with the U.S. in 65 categories last year.
• Bilateral trade is expected to increase to $100 billion with a win-win approach and mutually privileged tariffs.

Sources:

• Sekib Avdagic, head of the Istanbul Chamber of Commerce, Anadolu Agency
• Mustafa Gultepe, chair of the Turkish Exporters' Assembly (TIM), Anadolu Agency
• Orhan Aydin, chair of the Anatolian Lions Businesspeople Association (ASKON), Anadolu Agency
• Hakan Cinar, head of the Foreign Trade Leaders Association (DISYONDER), Anadolu Agency
• Anadolu Agency