Türkiye’s oldest and largest business council, the Türkiye-U.S. Business Council (TAIK), together with representatives of U.S.-based corporations working within the nation converged in Istanbul on Thursday for a gathering to debate a set of undertaken actions, trade-oriented incentives and priorities, in search of to additional bolster and elevate financial relations between Türkiye and the United States.
The assembly 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 robust historic ties and increasing the ever-evolving business interactions between the 2 NATO allies that span practically two centuries.
Tankut Turnaoğlu, president of AmCham Türkiye, an affiliation representing 125 American corporations working within the nation, in his opening remarks emphasised the importance of their upcoming visits to Washington and New York later this month, stating that the robust relations between Türkiye and the U.S. rank amongst “the most important and enduring strategic relations globally.”
“The business ties between our two nations, with a historical past spanning 200 years, proceed to develop daily. The developments within the first half of 2023 are a testomony to this,” he stated.
Stating that conferences between the business sectors and trade-investment actions additional add to the acceleration of the brand new interval in commerce, Turnaoğlu outlined the main points of anticipated 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 famous.
“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 defined.
He additionally hinted on the launch of an vital mission named “Global Turks” with the scope of those occasions, that are anticipated to be attended by many high-level state officers, ministers and representatives of the business world.
Highlighting the indications of bettering commerce ties, other than the enlargement within the bilateral commerce quantity, Turnaoğlu stated, “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 additionally emphasised Türkiye’s distinctive potential, likening it to that of only some nations worldwide.
He highlighted the continued investments by American corporations in Türkiye as proof of this viewpoint. AmCham seeks to strengthen Türkiye’s function as a regional hub, specializing in enhancing relations with Central Asia and the Caucasus areas, he famous.
Ties between Türkiye and the U.S. boast a protracted historical past of navy and financial cooperation, however their strategic partnership has seen many diplomatic difficulties over the current years over a number of challenges and disagreements.
However, intensified talks between the 2 nations’ leaders and diplomats over the past two years, the launch of a strategic mechanism and Ankara’s function within the Ukraine struggle have signaled intentions to fix and strengthen ties.
Türkiye and the U.S. intention to attain $100 billion in annual bilateral commerce within the coming years, a goal endorsed by President Recep Tayyip Erdoğan and his American counterpart, Joe Biden, up from the present quantity of some $30 billion.
‘Growing commerce quantity’
For his half, TAIK Chairperson Mehmet Ali Yalçındağ famous that disruptions within the provide chain, the trail to opening close by markets and manufacturing bases around the globe, and the reshaping of commerce routes, alongside the suppressed demand after the epidemic, have had a constructive affect on commerce between the 2 nations, which is seen within the rising commerce quantity within the final 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 stated.
According to the associations’ knowledge, the bilateral items alternate in 2022 resulted in $16.9 billion in exports from Türkiye to the U.S. and $15.2 billion in imports.
In addition, as a part of methods undertaken to bolster commerce relations, Yalçındağ additionally highlighted the “states approach” carried out by the TAIK, underlining the significance of the sizes of each 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 defined.
Providing info on the thirteenth Türkiye Investment Conference organized by the TAIK, Yalçındağ famous {that a} two-day Türkiye program is about 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 famous.
Pointing out the assembly with the traders, scheduled for Sept. 19, hosted by Goldman Sachs, Yalçındağ famous that the “salon has already been booked,” mentioning that Treasury and Finance Minister Mehmet Şimşek is predicted to attend the assembly.
Source: www.dailysabah.com
