Turkish-US economic ties ‘continue to improve’

Turkish-US economic ties ‘continue to improve’

Turkish-US economic ties ‘continue to improve’

The economic relations between Türkiye and the United States continue to develop positively in 2023, with the volume of trade between the two countries reaching $31.3 billion in the last 12 months.

Bilateral economic relations, which date back nearly 200 years, continued to gain momentum in the first half of 2023 with increasing investment and interest from new U.S. companies in various sectors.

Tankut Turnaoğlu, chairman of AmCham Türkiye, said the long-standing strong relationship between Türkiye and the U.S. is one of the most important and deep-rooted strategic relationships in the world.

"As AmCham Türkiye, we represent 125 U.S.-based companies that contribute $60 billion annually to the Turkish economy, and our main goal is to be a force that takes our country to global markets," he said.

As part of its priority to develop U.S. investment and trade in Türkiye, AmCham Türkiye continues to contribute to the goal of reaching $100 billion in bilateral trade, Turnaoğlu added.

“In the last 12 months, the trade volume between Türkiye and the U.S. amounted to $31.3 billion, of which $15.9 billion were exports and $15.4 billion were imports,” he said.

“As we have always said, Türkiye has a potential that few countries in the world have. Ongoing investments by U.S. companies support this view.”

Mehmet Ali Yalçındağ, chairman of the Türkiye-U.S. Business Council (TAİK), said the NATO summit in Vilnius in July started a new process in Türkiye-U.S. relations.

“With this momentum, we want to further accelerate our trade relations,” he said.

“We will see industrial cooperation accelerating in the coming period in the defense sector, one of the cornerstones of Turkish-American trade relations.”

“As TAİK, we will organize the 39th American Turkish Conference (ATC) towards the end of the year, contributing to the positive atmosphere by giving Turkish defense companies the opportunity to introduce themselves.”