Türkiye's oldest and largest business council, the Türkiye-U.S. Business Council (TAIK), along with representatives of U.S.-based companies operating in the country converged in Istanbul on Thursday for a meeting to discuss a set of undertaken activities, trade-oriented incentives and priorities, seeking to further bolster and elevate economic relations between Türkiye and the United States.

The meeting titled "Looking Ahead in Türkiye-U.S .Trade Relations," hosted by the TAIK and the American Chamber of Commerce (AmCham) Türkiye, fostered discussions on deepening the strong historical ties and expanding the ever-evolving commercial interactions between the two NATO allies that span nearly two centuries.

Tankut Turnaoğlu, president of AmCham Türkiye, an association representing 125 American companies operating in the country, in his opening remarks emphasized the significance of their upcoming visits to Washington and New York later this month, stating that the strong relations between Türkiye and the U.S. rank among "the most important and enduring strategic relations globally."

"The commercial ties between our two countries, with a history spanning 200 years, continue to develop day by day. The developments in the first half of 2023 are a testament to this," he said.

Stating that meetings between the business sectors and trade-investment activities further add to the acceleration of the new period in trade, Turnaoğlu outlined the details of expected visits to the U.S.

'Upcoming contacts'

"From Sept. 12-15, we will be visiting Washington, D.C. as the AmCham delegation. We will have contacts with Congress, Senate members and leading think tanks for four days there. We plan to hold approximately 50 one-on-one meetings," he noted.

"In addition, we are holding a reception hosted by the Presidential Investment Office and the Washington Embassy to celebrate the 100th anniversary of our republic in Washington, where we will meet with Turkish-American business and public representatives," Turnaoğlu added.

"Furthermore, by moving to New York, we will take part in many events that will highlight Turkish-American relations in New York during the week of the United Nations General Assembly," he explained.

He also hinted at the launch of an important project named "Global Turks" with the scope of these events, which are expected to be attended by many high-level state officials, ministers and representatives of the business world.

Highlighting the indicators of improving trade ties, apart from the expansion in the bilateral trade volume, Turnaoğlu said, "The fact that Trade Winds 2024, one of the most important commercial events of the U.S. government, will take place in Türkiye on May 15, 2024, is, (we think) one of the most concrete indicators of this new period in which the relations between the two countries will gain momentum."

Turnaoğlu also emphasized Türkiye's exceptional potential, likening it to that of only a few nations worldwide.

He highlighted the ongoing investments by American companies in Türkiye as evidence of this viewpoint. AmCham seeks to reinforce Türkiye’s role as a regional hub, focusing on enhancing relations with Central Asia and the Caucasus regions, he noted.

Ties between Türkiye and the U.S. boast a long history of military and economic cooperation, but their strategic partnership has seen many diplomatic difficulties over the recent years over multiple challenges and disagreements.

However, intensified talks between the two countries’ leaders and diplomats over the last two years, the launch of a strategic mechanism and Ankara’s role in the Ukraine war have signaled intentions to mend and strengthen ties.

Türkiye and the U.S. aim to achieve $100 billion in annual bilateral trade in the coming years, a target endorsed by President Recep Tayyip Erdoğan and his American counterpart, Joe Biden, up from the current amount of some $30 billion.

'Growing trade volume'

For his part, TAIK Chairperson Mehmet Ali Yalçındağ noted that disruptions in the supply chain, the path to opening nearby markets and production bases around the world, and the reshaping of trade routes, alongside the suppressed demand after the epidemic, have had a positive impact on trade between the two countries, which is seen in the growing trade volume in the last three years.

"The trade between Türkiye and the U.S., which was below $20 billion in 2019, has now exceeded $32 billion in 2022," he said.

According to the associations' data, the bilateral goods exchange in 2022 resulted in $16.9 billion in exports from Türkiye to the U.S. and $15.2 billion in imports.

In addition, as part of strategies undertaken to bolster trade relations, Yalçındağ also highlighted the "states approach" conducted by the TAIK, underlining the importance of the sizes of both the American and Turkish markets.

"In this context, we are planning to organize sector-oriented events in each state with the structuring of TAIK state committees. For example, while sending technology and startup-oriented delegations to California, we will organize events for the medical equipment industry in Massachusetts and for the automotive supplier industry in Michigan. When Türkiye increases its trade with the U.S. to $100 billion, it will become its 13th largest trading partner from the (current) 25th, which we think is very important for the stability of the exchange rate," he explained.

Providing information on the 13th Türkiye Investment Conference organized by the TAIK, Yalçındağ noted that a two-day Türkiye program is set to be held on the margins of the U.N. General Assembly in New York on Sept. 19-20.

"This year, the program was received with much more interest, more than our expectations, especially from U.S. investors," he noted.

Pointing out the meeting with the investors, scheduled for Sept. 19, hosted by Goldman Sachs, Yalçındağ noted that the "salon has already been booked," mentioning that Treasury and Finance Minister Mehmet Şimşek is expected to attend the meeting.