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Turkey-US trade volume will soon reach $100 billion

Turkey-US trade volume will soon reach $100 billion

 


By News Center

President Recep Tayyip Erdogan has said that the Turkish-American trade volume will soon reach $100 billion, reports Yeni Shafak.

Erdogan made the remarks during the meeting of the Turkey-US Business Council organized by the Council for Foreign Economic Relations (DEIK) on the sidelines of the 77th session of the United Nations General Assembly in New York.

Stating that the Turkish-American trade volume will soon reach the target of $100 billion, Erdogan said: “We count on your support, our esteemed entrepreneurs, who are playing a leading role in many areas in this regard.” .

He stressed that Turkey and the United States are two friendly countries, allies and strategic partners with deep-rooted ties.

Erdogan stressed that the two countries’ multifaceted cooperation has made significant contributions to establishing peace and stability in many parts of the world, and they have similar views on many issues ranging from energy to food security over a vast geography from Ukraine to the Balkans. to the Middle East and Africa.

The president recalled that the two nations had agreed in Rome in 2021 to form a Turkish-American strategic framework to advance the existing consensus of ideas and interests. He added that the countries are continuing their efforts to solve the problems in a realistic and forward-looking way while developing relations on the basis of common interests with the mechanism that was put into practice in April.

“Since 2020, the global economy has been facing significant challenges. The pandemic crisis, followed by the Russian-Ukrainian conflict, has posed significant challenges to supply chains in various sectors, including energy and food. many countries are trying to cope with the highest rate of inflation in the last 40 to 50 years.Turkish economy, however, has demonstrated a successful approach to overcome all these problems thanks to its good performance in growth, exports We have been able to maintain our economic resilience and attractiveness by taking supportive measures and leveraging the dynamism of the private sector at a time when the global economy was reorganizing and predictability was eroding,” Erdogan stressed. .

Turkish economic model

Erdogan pointed out that Turkey has achieved the fastest growth rate in the past 10 years, with a rate of 11%, noting that this is the highest growth rate recorded among G-countries. 20.

“As the global economy faces severe contractions, we grew 7.5% in the first quarter and 7.6% in the second quarter of 2022. Despite the pandemic, we maintained our balanced growth, which has been going on for five quarters. this month, our annual exports exceeded $250 billion. We have managed to attract over $240 billion in international direct investment to our country between 2003 and 2021. Last year alone, our country received $14 billion in new international direct investment. We are the second country in Central and Eastern Europe that has received the most international direct investment over the past 16 years. All of these are clear indicators of the strength of the Turkish economy and confidence in Turkey. The Turkish economic model has a big role to play in achieving these successes,” he detailed.

Erdogan stressed that Turkey had decided to base its economic program on the country’s growth through investment, employment, production, exports and current account surpluses, and that the government had made no concessions on these priorities over the previous two years, including during the pandemic.

The government is zealously pursuing the economic program, and economy and trade are essential parts of Turkish-American relations. Turkey has achieved considerable development in the economic and trade dimensions of relations, especially in the past 10 years, with the support of the private sector, the president said.

Covid-19 outbreak

Despite the problems posed by the coronavirus, bilateral trade volume reached a record high of $28 billion in 2021, with the United States being Turkey’s second-largest export market and fourth-largest import market, it said. Erdoğan.

“Our trade volume in the eight months of 2022 increased nearly 30% from the same period a year earlier to reach $22 billion. If this momentum is maintained with the right measures determined, our trade volume will reach the target of 100 billion dollars in a short time.We play a leading role in many areas in this regard.

Erdogan pointed out that the great interest shown by US-based companies in Turkish business opportunities, as well as the increase in their investments, is a proof of confidence in the Turkish economy.

“Direct investment from the United States to Turkey reached $14.1 billion, while investment by Turkish companies in the United States totaled $8.6 billion. Turkey and America have mutual prospects of trade and investment in virtually all fields.Turkey also plays an important role in diversifying energy routes and resources.In the current international context, our potential for energy cooperation offers us important prospects, underlined the Turkish President .

America has become the second-largest supplier of natural gas thanks to investments in Turkish natural gas infrastructure, including LNG terminals, while Turkey has become the sixth-largest importer of US LNG, he added.

We want to increase the gas we buy from the United States on more favorable terms in the period ahead. With the state-of-the-art infrastructure we have, we are ready to cooperate in the delivery of US LNG to countries in the region,” Erdogan said.

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