Possible loss in China-US trade due to pandemic may be beneficial for Turkey, says head of economic body
Ankara should seek a free trade agreement with the US, the head of Turkey’s Foreign Economic Relations Board (DEIK) said on Wednesday.
“We have three strategic regions, America, Europe-EU and Asia Pacific, in our post-pandemic roadmap with the aim of steering our trade in these regions,” Nail Olpak said at a news conference.
Also speaking, Mehmet Ali Yalcindag, the chairman of Turkey-US Business Council (TAIK), said that the trade corridor between the US and China is projected to shrink by $150-200 billion by 2023.
“This offers great opportunities for other countries. Turkey is one of the biggest candidates to receive a share of the pie,” Yalcindag said.
He said that Turkey should focus on electronic and electrical equipment and information and communication technologies (ICT) sectors to boost trade with the US.
TAIK is working with a prominent management consulting company to find ways to achieve a bilateral trade volume of $100 billion between Turkey and the US, he noted.
“We aim to evaluate the opportunities that will arise from the loss in China’s trade with the US, thanks to the work we conduct with Boston Consulting Group,” he added.
He went on to say that a number of companies are adopting a new approach in the supply chain as a result of the coronavirus pandemic.
“In this new structure, we see different approaches, such as bringing the supply chains closer to the main production plant and preventing them from being distributed in different regions.
“Thus, China, which was at the center of supply chains in the last 30 years, may lose its strong position,” Yalcindag said.