Turkey-US bilateral trade set to break new record: TAİK chair

Turkey-US bilateral trade set to break new record: TAİK chair

Turkey-US bilateral trade set to break new record: TAİK chair

Turkey’s trade volume with the United States reached $25 billion in the first 11 months of this year, Turkey-U.S. Business Council (TAİK) chair Mehmet Ali Yalçındağ has said.

Recovering from the fallout of the pandemic and dramatic hardships in the global supply chains at the start of this year, bilateral trade between the two countries is set to break a new annual record, he said in a written statement.

“Our exports to the United States increased 45.1 percent in January-November compared to the same period in the previous year to reach $13.2 billion,” he added.

Turkey’s imports from the United States in the first 11 months of this year hit $11.7 billion, according to Yalçındağ’s remarks.

The share of Turkish exports to the U.S. in the country’s overall exports has exceeded 6 percent this year.

Recalling that Turkish Trade Minister Mehmet Muş has described Washington as a “strategic trade partner,” Yalçındağ hailed the government’s efforts to ramp up bilateral trade.

He also said business circles in both countries are also pleased to acknowledge that the Turkish trade and finance ministries have agreed on a path with the office of the United States Trade Representative (USTR) to resolve problems regarding the Section 301 bill, which brings 25 percent extra tariffs on jewelry, ceramic products and carpets.

Talks will continue on tariffs on Turkey’s steel and aluminum products, he added.

While the United States eyes countries such as Vietnam, Taiwan, Mexico and Canada to replace China in its foreign trade, Turkey could also be an alternative supplier, Yalçındağ said.

“As the Turkish business world, our aim is not to be an alternative to China with a cheap workforce. We should take technology producer China as a model,” he added.