US-Turkey Join Hands to Liberalize Trade

US-Turkey Join Hands to Liberalize Trade

US and Turkey enter into an agreement for the liberalization of trade Deal to liberalize trade would boost Turkish-US ties: Minister

According to ANKARA, a news source within Turkey, the Trade Minister of Turkey while talking to the press on September 22 confirmed that an agreement for promoting bilateral trade between the US and Turkey has been duly executed. The Turkish Trade Minister also said that this will further strengthen the trade and business ties between the US and Turkey. The agreement has been arrived at for the purpose of liberalizing the trade in various sectors based on the mutual understanding of both the countries.

Ruhsar Peckan, the Turkish Trade Minister, on the occasion of the 38th American-Turkish Conference, which was convened virtually, said that Turkey’s priority is to uplift the trade with the US and it wants to achieve the goal of increasing trade volume with the US upto US$ 100 billion.

It may be mentioned that the goal was duly set up by the premiers of both the countries when they met with each other last year in June.

We should aim to achieve the target in the near future for which establishing a collaboration between the business entities of both countries is crucial, said the Turkish Trade Minister. However, the Minister also took the chance of criticizing the Trump administration where she said that the business community of Turkey are finding very difficult to gain access to US markets due to the imposition of certain exorbitant duties on trade products such as steel etc.

While addressing the need to improve trade ties between US-Turkey, Peckan also said that for the past eight months i.e. January to August 2020 the trade volume between the two has increase manifold but the goal is still too far.

According to data and statistics, Turkey has been enjoying US-funded investment of over 12.8 billion which has been invested in various sectors, and currently, there are at least 2000 US companies that are operating within Turkey. While on the other hand, the overall foreign investment brought into the US by Turkey is US$ 6.8 billion, which is increasing on daily basis.

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