Turkish-American Relations on the Rise: Trade Expected to Flourish
Turkish-American Relations on the Rise: Trade Expected to Flourish

Enhanced Turkey-US Relations Set to Drive Trade Growth: Expected improvements in diplomatic ties between Turkey and the United States are poised to give a significant boost to bilateral trade, according to Murat Özyeğin, chairman of the Turkey-US Business Council (TAİK). Özyeğin predicts that the trade volume between the two nations could rise from last year's $30 billion to $35 billion.

Özyeğin highlighted a growing interest from the US in Turkey over the past eight months, with many American portfolio investors once again turning their attention to Turkey following the May elections. He emphasized that warmer diplomatic relations would spur trade between Turkey and the US.

"The positive momentum in our relations can potentially lift our trade volume, reaching $35 billion next year, up from $30 billion last year," Özyeğin stated.

Trade Ministry data revealed that the US was Turkey's second-largest export market in January, trailing only behind Germany. Turkey exported goods worth $1.22 billion to the US, while imports from the US amounted to $1.8 billion. The US accounts for approximately 6 percent of Turkey's total export revenues.

Main export destinations in the US include New Jersey, New York, Texas, Georgia, California, and Florida, each receiving exports exceeding $1 billion.

Özyeğin highlighted the upcoming Trade Winds Forum in May, organized by the US Department of Commerce and the private sector. The event aims to facilitate potential collaborations and boost trade volume between the two countries.

Noting that 135 American companies have invested $60 billion in Turkey to date, employing 100,000 people, Özyeğin expressed optimism about attracting more American companies and investments.

Following Turkey's change in economic policies post-May elections last year, many financial investors, including California-based Pimco, have shown renewed interest in Turkey. Pimco, one of the world's largest bond fund managers, has been purchasing Turkey's lira-denominated debt since the second half of last year, encouraged by President Recep Tayyip Erdoğan's policy shift after the 2023 general election victory.

Turkey,Egypt Unite Against Gaza Evictions: Erdogan's Call for Solidarity


Join NewsTrack Whatsapp group
Related News