LNG can play vital role to reach US-Turkey trade target: US official

LNG can play vital role to reach US-Turkey trade target: US official

ANKARA- Anadolu Agency

The U.S.' liquefied natural gas (LNG) exports to Turkey can play a key role in reaching the countries' bilateral trade volume target of $100 billion, the U.S. commerce secretary said on Sept. 22. 

"Despite the economic challenges faced by both nations during the COV-19 pandemic, the U.S. is committed to pursuing more commercial opportunities with Turkey," Wilbur Ross told the 38th American-Turkish Conference, held virtually due to the pandemic.

In June 2019, Turkish President Recep Tayyip Erdoğan and his U.S. counterpart Donald Trump raised the bilateral trade goal from $75 billion to $100 billion.

The number of U.S. companies operating in Turkey stands at 1,700, Ross noted, adding that 60 of them have regional headquarters in the country.

Noting that the 2019 trade volume between Turkey and the U.S. was around $20.6 billion, Ross underlined that after years of trade surpluses, the U.S. concluded the year with a trade deficit of $600 million with Turkey.

"It is of great concern that U.S. exports to Turkey have fallen from $11.7 billion to $10 billion between 2014 and 2019," Ross said.

He also invited Turkish businesses to participate in an investment summit set for next June in Washington.

"We look forward to deepening both our economic and commercial relationship in the years to come," Ross noted.

Focusing on bilateral economic, trade, and strategic ties, the 38th American-Turkish Conference is co-organized by the Turkey-U.S. Business Council (TAIK) of Turkey's Foreign Economic Relations Board (DEIK) and the U.S. Chamber of Commerce.

The four-day event ends on Thursday.