Business

Turkey had a surplus in trade with the USA

Turkey-USA Business Council (TAIK) Chairman Mehmet Ali Yalcindag stated that exports to the USA reached $13.2 billion with a record increase of 45.1% in the first 11 months of the year, while imports amounted to $11.7 billion and said that there was a surplus in foreign trade with this country. Yalcindag said that the share of exports to the USA in total exports increased from 5.6% to 6.4%. Yalcindag said, “This remarkable increase in our exports to the USA is very exciting. We believe that the trade volume will reach much higher levels with the evaluation of new opportunities.”

STRATEGIC PARTNER

Reminding that the USA, which has an import volume of $2.3 trillion and an economy of $20 trillion in 2020, was defined as a “strategic partner in trade” by the Minister of Commerce Mehmet Mus, Yalcindag said, “Support and efforts to remove the obstacles in front of the business world in order to maximize bilateral trade make us proud. extremely satisfying. As a result of these efforts, we witnessed another good development. A concrete step has been taken recently regarding the solution of the Section 301 bill, which has been in litigation and decision processes since 2020, which envisages the imposition of an additional 25% customs duty on products such as jewellery, ceramics and carpets, which Turkey exports the most to the USA. The Turkish and American business circles welcomed the determination of a joint approach to the resolution of disputes as a result of the negotiations between our Ministry of Commerce and the Treasury – Ministry of Finance with the US Trade Representative.

TURKEY IS IN ADVANTAGE

Yalcindag stated that they believe that the improvement in commercial and economic relations between the two countries will not only be limited to foreign trade figures, but will also enable an increasing cooperation in the strategic field, and continued his words as follows: “As TAIK, we have carefully observed the trade wars between the USA and China on the one hand, and the devastating effects of the Covid-19 outbreak on the global supply chain on the other. Frankly, we knew that the conjuncture would bring us to this point. Through our studies, we have determined that the potential for cooperation between Turkey and the USA in the strategic field can also increase. In particular, we have repeatedly stated that the trade wars between the USA and China will offer our country attractive opportunities. With the US shifting its supply chain from China in this process, Turkey also became one of the countries that stood out as a supplier.”

Source: Sabah / Translated by Irem Yildiz

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