U.S.-based companies operating in Türkiye converged Wednesday to discuss the advancement of bilateral trade relations between the countries, in a meeting that emphasized the dawn of a new era marked by increased mutual visits, investments and trade-oriented activities.
The meeting in the Aegean coastal town of Bodrum, hosted by AmCham (American Chamber of Commerce) Türkiye, fostered discussions on deepening the strong historical ties and expanding the ever-evolving commercial interactions.
The companies deliberated on strategies to elevate the already robust economic relations between Türkiye and the United States, said a statement by AmCham Türkiye, an association representing 125 American companies operating in the country.
The association, whose members are said to contribute some $60 billion to the Turkish economy a year, emphasized the importance of continuous efforts to foster the growth of the trade relations that have spanned nearly two centuries.
Addressing the event, AmCham Türkiye head Tankut Turnaoğlu highlighted what he said was an enduring strength of the Türkiye-U.S. relationship, asserting that this bond ranks among the most significant and longstanding strategic partnerships globally.
Turnaoğlu also noted that bilateral economic ties continued to gain momentum throughout the first half of 2023.
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.
The disputes include the U.S.’ cooperation with the PKK terrorist organization's Syrian wing, the YPG, its stance toward the Gülenist Terror Group (FETÖ), disagreements over Ankara’s purchase of Russia’s S-400 air defense system and Washington’s sanctions against Türkiye.
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.
"Today's meeting unequivocally underscores our unwavering dedication to work even harder toward achieving these objectives," Turnaoğlu said.
'Impressive' jump in trade
AmCham Türkiye's efforts align with the upcoming Trade Winds 2024, which Turnaoğlu says is one of the U.S. government’s most trade events, scheduled for May 2024 in Türkiye.
This event marks a significant indicator of the new phase in bilateral relations characterized by intensified mutual visits and business-oriented investment and trade activities, Turnaoğlu noted.
Reflecting on the last 12 months, he said bilateral goods exchange amounted to $31.3 billion, with exports accounting for $15.9 billion and imports for $15.4 billion.
Turnaoğlu 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 added.
"Some of the American companies located in our country position Türkiye as a regional center," said Turnaoğlu.
To back the bilateral trade goal, the association, along with Türkiye-U.S. Business Council (TAIK), plans to host a major investment conference in the U.S. in September. The event is expected to host Treasury and Finance Minister Mehmet Şimşek and Central Bank of the Republic of Türkiye (CBRT) Governor Hafize Gaye Erkan, who will meet American businesses and leading financial institutions.
Addressing the event in Bodrum, U.S. Ambassador to Ankara, Jeffry Flake, highlighted the positive trajectory of bilateral trade relations, expressing his confidence in Türkiye’s resilience and determination in the face of challenges.
Flake commended Türkiye’s distinctive qualities, which he says have led to its selection for the Trade Winds 2024. "This event is the largest trade mission and business development forum led by the U.S. government, and I hope you will take part here as well," the ambassador said.
"U.S.-Türkiye trade relations are moving on the right track. Bilateral trade has passed through an unprecedented period of growth and reached the level of $34 billion in 2022, an increase of 22%," Flake added.
"This impressive increase in bilateral trade also reflects well on the future of U.S.-Türkiye relations."